Title
Possible action on request for extension of deadline in Ash Joint Venture, Ltd. Economic Development Agreement for making capital investment and obtaining qualified tenant
Requested Action
Approve Request For Extension of Deadline In Ash Joint Venture Ltd. Economic Development Agreement For Certificate of Occupancy and Capital Investment
Recommendation
Staff recommends extending the deadline to December 31, 2018
Description/History
MEDC entered into an Economic Development and Performance Agreement with Ash Joint Venture Ltd. (Ash JV) to provide up to $100,000 in assistance with fire suppression/interior sprinkler system for the 135,000 square foot facility located at 102 Sentry Dr. This agreement required Ash JV to make a $450,000 capital investment and to obtain a certificate of occupancy by December 31, 2017 . Due to some unexpected delays, Ash JV is requesting an extension in order to achieve the remaining capital investment and certificate of occupancy. Staff recommends extending the deadline to December 31, 2018. This date will match the date in the agreement required to have a tenant in the building. Ash JV is working closely with 2 separate tenants on long term lease agreements.
Justification
Ash JV is working diligently to place a tenant in this facility that meets the terms of the agreement.
Funding Source
N/A
Prepared By
Laurie Fleiner, Business Retention and Expansion Manager, MEDC