Title
Possible action on request for extension of deadline in 360 Crossroads,LP Economic Development Agreement for making capital investment
Requested Action
Approve request for extension of deadline in 360 Crossroads,LP Economic Development Agreement for making capital investment to June 30, 2018
Recommendation
Staff recommends approval of the request for extension of deadline in 360 Crossroads,LP Economic Development Agreement for making capital investment to
June 30, 2018
Description/History
MEDC entered into an Economic Development and Performance Agreement with 360 Crossroads, LP (John T. Evans Company) to provide up to $215,000 in assistance for infrastructure improvements for a 35,000 sq. ft. restaurant and retail development at the SE corner of East Broad Street and SH 360. This agreement required 360 Crossroads, LP to make a $5 million capital investment by June 30, 2016. To date, they have expended $4.2 million and due to some unexpected delays with certain tenants they need an extension in order to achieve the remaining capital investment. Staff recommends extending the deadline to June 30, 2018. They have met the deadline for obtaining their first CO, which was 12/31/2016. Slim Chicken’s received their CO on 12/19/16.
Justification
This has been a successful project and will bring additional tax revenue to the City.
Funding Source
4A
Prepared By
Richard Nevins, Assistant Director, 817-728-3652