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File #: 230439    Version: Name:
Type: Ordinance Status: Passed
File created: 5/18/2023 In control: Council
On agenda: 6/15/2023 Final action: 6/15/2023
Title: Sponsor: Councilmember Melissa Robinson Authorizing the City Manager to enter into a Predevelopment Agreement with Historic Northeast Lofts, LLC, for the development of approximately 22 acres in the Historic Northeast Area.
Sponsors: Melissa Robinson
Attachments: 1. Docket Memo 230439, 2. Historic Northeast Market District Pre Development Agreement, 3. 230439 cs to orr ord-com, 4. 230439.Authenticated Ordinance C.S.
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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 230439

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Sponsor: Councilmember Melissa Robinson

Authorizing the City Manager to enter into a Predevelopment Agreement with Historic Northeast Lofts, LLC, for the development of approximately 22 acres in the Historic Northeast Area.

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WHEREAS, Historic Northeast Lofts, LLC ("Developer") has proposed a project for development utilizing various economic development tools available and consisting of residential, retail, and community services development across approximately 22 acres generally located east of Hardesty Avenue and south of Independence Avenue (the "Project Area"); and

WHEREAS, Developer intends to provide approximately 589 units of residential development from adaptive reuse of existing structures, with a minimum of 75% of the units being restricted to families who earn between 30-80% of the Median Family Income; and

WHEREAS, Developer intends to provide 30,000 square feet of daycare, early childhood development and afterschool space and 75,000 square feet of retail development from adaptive reuse of existing structures, and also a farmers market; and

WHEREAS, Developer anticipates the project will result in 500 temporary jobs and 250 permanent jobs in the Project Area; and

WHEREAS, the total cost of the project is approximately $224,991,531.00 and Developer's investment in the Project requires and is contingent upon substantial economic incentives; and

WHEREAS, the City and Developer intend to enter into future agreements to provide additional obligations and benefits for both parties related to the Project, including the City's intent to provide for the redirection of taxes in the future; and

WHEREAS, The City and Developer wish to enter into a predevelopment agreement memorializing each parties' role and responsibilities for the completion of the project; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL...

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