Title
Conceptual Economic Development Incentive Request/Presentation - Pine Tree Plaza; NSI Investments LLC, Applicant
Body
Issue/Request:
Conceptual Economic Development Incentive Request/Presentation - Pine Tree Plaza; NSI Investments LLC, Applicant
Key Issues:
In accordance with the City's adopted Economic Development Incentive Policy, NSI Investments LLC is presenting a conceptual incentive request for a proposed rehabilitation of the Pine Tree Plaza shopping center. The proposed development includes a new façade to the existing center, additional landscaping, and parking lot improvements. The proposed development is within the City initiated conceptual master plan area referred to as Envision LS. A Preliminary Development Plan is currently in the development approval process and pending City Council consideration. NSI Investments LLC is requesting incentives through the use of a Blighted Community Improvement District (CID) and imposing a sales and use tax of up to 1% on all taxable retail sales within its boundaries.
The proposed development is located within the M-291 South Targeted Planning Area.
The total estimated project cost is $9.3 million and would include exterior improvements to the existing center including a new front façade, roofing, parking lot improvements, signage, ADA repairs, and landscaping. The applicant is proposing reimbursement for approximately $2.8 million in project costs. See attached Exhibit A. City staff is recommending eligible reimbursement costs be limited to approximately $2.6 million. See attached Exhibit B.
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 City Council.
Proposed City Council Motion:
I move to direct the applicant and staff to continue to prepare the economic development incentive request for formal consideration by City C...
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