AGENDA CAPTION:
Title
Consider approval of Resolution 2015-91R, approving a Chapter 380 Economic Development Incentive Agreement with Humpty Dumpty SSM, Ltd. for the redevelopment of Springtown Shopping Center that provides incentives over ten years in the form of annual refunds of a portion of new property and sales taxes generated from the redevelopment and that waives certain sign and development standards under the City's Land Development Code; and declaring an effective date.
Body
Meeting date: July 21, 2015
Department: City Manager's Office
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
CITY COUNCIL GOAL: Economic Vitality and Responsible Finances
BACKGROUND:
Endeavor Real Estate Group has acquired approximately 18 acres of land on Thorpe Lane and Springtown Way, providing for consolidated ownership of the majority of the former "Springtown Mall" site. Endeavor proposes to redevelop the property through a combination of refurbishing existing structures and signage and construction of new structures and signage.
The City wishes to induce Endeavor to develop a high-quality real estate project, as doing so would benefit the City through substantial investment in, and improvements to, real property, the creation of new jobs, and the generation of additional sales and property tax revenue.
The attached Chapter 380 Economic Development Incentive Agreement includes the following provisions:
* Rebates of a portion of newly added property taxes and sales taxes generated from the project over 10 years as follows:
Property Sales
Taxes Taxes
|1013|100
90|1313|100
90|1313|80
80|1313|80
80|1313|60
60|1313|60
60|1313|40
40|1313|40
40|13 13|20
20|13
13|20
20
* The owner is to make a capital investment of at least $27.5 million. If the actual capital investment falls short of this target, the grant payments will be reduced by the percentage of the shortfall.
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