Title
Presentation: Conceptual Economic Development Incentive Request for the Ward & 150 Apartment Project at 3620 SW Ward Road; Milhaus Development, applicant
Body
Issue/Request:
The is a conceptual presentation for the incentive request by Milhaus Development (“Developer”) for the proposed development of a 272-unit apartment complex in eight buildings buildings at 3620 SW Ward Road.
Key Issues:
Evaluation of the incentive request according to the City’s Economic Development Incentive Policy for a Chapter 100 Development Plan to provide the following benefits:
1. Sales Tax Exemption on Construction Materials
2. Real Property Tax Abatement with fixed PILOTs for 10 years starting at $1600 per unit
Background:
Key dates associated with the overall Raintree Village project, which is generally located north of Highway 150 and west of Ward Road, and the incentives that have been previously approved by the City Council for the project area:
· July 12, 2022 - City Council heard a conceptual presentation from Christie Development for the Raintree Village project, including a community improvement district for the commercial portions of the project a Chapter 100 plan for the Scenic Development senior care facility. Incentives for apartments was not part of the presentation or request.
· July 19, 2022 - City Council approved Ordinance No. 9463 which approved the preliminary development plan for Scenic Development senior care facility as part of the Raintree Village project.
· December 13, 2022 - City Council held the public hearing for the Chapter 100 Plan for the Scenic Development senior care facility.
· February 14, 2023 - City Council approved Ordinance No. 9606 authorizing the City to issue taxable industrial development revenue bonds not to exceed $35 million for the Raintree Village Phase 1 Senior Residential Project.
· March 24, 2023 - Milhaus Development sent a letter to Christie Development explaining the need for incentives for the proposed apartment ...
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