ORDINANCE NO. 230368

title
Sponsor: Director of Housing and Community Development Department

Authorizing the Director of the Housing and Community Development Department to negotiate and execute a Central City Economic Development Funding Agreement with 18th & Vine Developers, LLC, in the amount of $4,000,000.00 for the purpose of construction of mix-use development located at 18th & Vine Street; and appropriating money for this purpose.

body
WHEREAS, 18th & Vine Developers, LLC ("Developer") has proposed to construct the Jazz District III, a mix-use development, which includes 48 residential units to be located in Wendell Phillips neighborhood along South 18th Street and Vine Street (the "Project Site"); and

WHEREAS, the Developer's proposal includes a new mixed-used building that will eliminate blight, protect an important local landmark, enliven the corridor with additional commercial space, and provide high-quality affordable housing for families with incomes of 60% of AMI; and

WHEREAS, Developers proposal will include one-bedroom, two-bedroom, and high-quality commercial space; and

WHEREAS, the Developer's proposal contemplates a financing package that includes Central City Economic Development Sales Tax Funds; and

WHEREAS, the Developer requested a public contribution of $4,000,000.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $4,000,000.00; and

WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains and generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration of areas of the City that the City Council has determined to be blighted as a location for business operations; (iv) results in generation of tax revenues to the City from ...

Click here for full text