Title
Resolution - A Resolution Approving a Development Agreement with and Authorizing the City Manager to Execute the Agreement for Public and Private Improvements Related to a Development Known as Main Street Lofts within the Boundary of Tax Increment Reinvestment Zone No. 2, Generally Located West of N. Main Street and South of Newt Patterson Road
Requested Action
Approve the resolution and development agreement.
Recommendation
Staff recommends approval.
Description/History
May 11, 2015
Betsy Elam prepared the development agreement based on the terms that the TIRZ Advisory Board and City Council approved in April. A summary of the proposed improvements and payment schedule is shown in Exhibit A of the agreement. The proposed improvements will apply to Phases 1 and 2 of the development consisting of approx. 550 units of apartments approved in the Main Street Loft PD.
The development investment is estimated at approximately $60,500,000, which is about 45% of the new development increment needed to meet the projection in the TIRZ Finance Plan. The amount recommended by the TIRZ Advisory Board is about 15% of the total estimated improvement cost in the TIRZ Project Plan.
The final draft of the developpment agreement is still in the hands of the developer's attorney and city attorney and will be distributed to Council as soon as we receive it.
May 26, 2015
Construction plan preparation will take approximately five months. The construction start for Phase 1 will be in the Spring of 2016 or early summer of 2016 in case of unforeseen delay. To-date, the developer has issued contracts for about $750k of traffic and drainage studies and other design services. They are eager to start as soon as they can secure all building permts and federal permits involving construction in the floodplain.
June 8, 2015
Based on a meeting between the development staff (Building Official, Fire Marshall and City Engineers), the permit application for Phase 1 is expected bef...
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