Title
Public Hearing: Chapel Ridge Community Improvement District
Body
Issue/Request:
Public hearing to consider approval of the Chapel Ridge Community Improvement District which includes the primary commercial areas of the Chapel Ridge Shopping Center, including the Price Chopper grocery store, which would impose a new 1% sales tax with a maximum duration of 25 years in order to fund rehabilitation and reconstruction work within the boundaries of the District. The City Council reviewed this CID during the applicant's conceptual presentation on December 1, 2020.
Key Issues:
Approval of a new CID which would impose a 1% sales tax within the boundaries of the proposed CID to fund rehabilitation and redevelopment costs.
Background:
Cadence Commercial Real Estate (“Developer”), through its subsidiary entity which owns the property within the proposed CID area (Enterprises Lakewood, LLC), have filed a Petition for the formation of a new CID over the main portion of the Chapel Ridge Shopping Center. The applicant gave a conceptual presentation to the City Council on this proposed CID on December 1, 2020. The CID would impose a new 1% sale tax on the commercial retail businesses in the CID area.
The CID is proposed to fund the following rehabilitation and reconstruction improvements and associated soft costs in the combined total of about $4 million in principal costs over the life of the CID:
· Grocery expansion and addition of a deli patio
· Building façade improvements
· Sidewalk and curb replacement
· Sealcoating, re-striping and repair of parking lots and drive aisles within the District
· Signage repair and improvements
· Landscaping improvements
· Lighting improvements.
Developer estimates that the CID will generate about $360,000 in sales tax revenues in the first year of the CID, and increasing each year due to sales growth. Developer estimates that this will generate sufficient funds during the life of the CID to fund all projected costs.
The ord...
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