Title
Conceptual Economic Development Incentive Request/Presentation - Pryor Lakes Mixed-Use Development; Pryor Crossing, LLC, Applicant
Body
Issue/Request:
Conceptual Economic Development Incentive Request/Presentation - Pryor Lakes Mixed-Use Development; Pryor Crossing, LLC, Applicant
Key Issues:
In accordance with the City's adopted Economic Development Incentive Policy, Pryor Crossing, LLC is presenting a conceptual incentive request for a proposed mixed-use development within the Pryor Road corridor between Chipman Road and I-470. The proposed development includes retail, restaurant, multi-family and senior living uses on approximately 48 acres (some of which is undermined and not proposed for development at this time). The proposed development is being coordinated with the City initiated conceptual master plan and rezoning efforts which are currently in the development approval process and pending City Council consideration. Pryor Lakes, LLC is requesting incentives through the use of Tax Increment Financing (TIF), a Community Improvement District (CID) through sales tax and special assessments, and a Chapter 100 program.
The proposed development is located within the I-470/Colbern/Chipman Rd. Targeted Planning Area. This undeveloped area contains various impediments to development including topography, soil conditions, electric transmission lines, undermined areas and lack of available or adequate public infrastructure to name a few.
The total estimated project cost is $102.5 million and would include private development, public infrastructure improvements (transportation, water, sewer, stormwater), relocation of electric transmission lines, and improvements to Lowenstein Park.
The applicant and staff are seeking City Council's feedback and direction prior to committing additional resources necessary to formally prepare and present the plan for formal consideration by the TIF Commission and City Council.
Proposed City Council Motion:
I move t...
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