Title
Resolution - A Resolution Approving an Economic Development and Performance Agreement with Backyard Come As You Are LP and Brain Storm Shelter LLC Related to a Development Known as The Backyard Within the Boundary of Tax Increment Reinvestment Zone No. 2 and Authorizing the City Manager to Execute the Agreement
Requested Action
Approve the subject resolution and development agreement.
Recommendation
Staff recommends approval.
Description/History
The City Attorney prepared the economic development and performance agreement based on the terms previously presented to the TIRZ Advisory Board and City Council.
The developer has requested funding for the construction of public parking plus land acquisition for parking and park trail. Additionally, the agreement will provide economic development incentives to the business operators.
A summary of the proposed improvements and incentives will be provided at the executive session.
Funding Source
TIRZ Fund will pay for the public parking and part of the land acquisition. General Fund will pay for the economic development incentives.
Prepared By
Felix Wong, Director of Planning
817-276-4228