ORDINANCE NO. 230378

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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 2000 Vine Street, LLC, in the amount of $950,000.00 for the purpose of site development of a mixed-use building, located at 2000 Vine Street; and appropriating money for such purpose.

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WHEREAS, 2000 Vine Street, LLC ("Developer") has proposed to construct 2000 Vine, a mixed-use office, event space, art gallery, co-working space and outdoor street cafe, expanding the cultural corridor of Vine Street, to be located in Wendell Phillips neighborhood along Vine Street (the "Project Site"); and

WHEREAS, the Developer's proposal includes buildout of flexible outdoor community spaces programmed to provide opportunities for micro-businesses to participate at the scale of food trucks, small business stands, micro-office suites and full service retail tenants within the overall outdoor campus; 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 $950,000.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $950,000.00; 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 the conduct of business and other activities in the City tha...

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