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11.
Work Session and Regular Meeting
Meeting Date: 04/26/2016  
Department: Economic Development  

AGENDA CAPTION:
Discuss, Consider, And Approve A Resolution Approving An Incentive Agreement With Beltline Beltway Investments, Ltd. and Urban Intownhomes, LLC For The Addison Grove Redevelopment Project At 4150 Belt Line Road Commonly Known As The Former Sam's Wholesale Club Property And Authorizing The City Manager To Execute The Contract..
BACKGROUND:
On January 26, 2016, City Council approved a letter of intent with Beltline Beltway Investments, Ltd. and Urban Intownhomes, LLC for the redevelopment of the former Sam's Club property for an amount not to exceed $6.5 Million for the construction of public infrastructure as part of the redevelopment. 
 
The funding breakdown for the $6.5 Million will be provided through the following:
 
  • Maximum of $250,000 of the total incentive will be given in the nature of permit/development fee waivers
  • Maximum of $1,000,000 for infrastructure qualifying for Utility Fund funding
  • Maximum of $1,000,000 for infrastructure qualifying for Stormwater Fund funding
  • Maximum of $4,250,000 to provide funding for street and park development from the General Fund and Infrastructure Investment Fund
 
Council also directed a three-term payment plan upon successful completion of construction milestones.  The payment terms include the following:
 
  • 1/3 of total potential award upon successful completion of public infrastructure and acceptance by the Town of Addison
  • 1/3 of the total potential award upon completion of 40 percent of the townhomes/live-work units
  • 1/3 of the total potential award upon completion of 75 percent of the townhomes/live-work units

The Town of Addison will support the process to acquire the right-of-way for Runyon Road.  Any acquisition costs will be the responsibility of the Developer.

As requested by Council, the agreement includes several conditions to qualify for payment including a deed restriction on the multi-family property to prohibit the use of Federal governmental subsidies for its construction and operation and reasonable approval by the City Council for the multi-family developer and potential future owners.
 
RECOMMENDATION:
Administration recommends approval.
Attachments
Resolution

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