Title
An Ordinance approving the Redevelopment Project for the Streets of West Pryor Tax Increment Financing Plan and activating the collection of tax increment financing revenues therein. (NOTE: First Reading by Council on December 18, 2018)
Body
Issue/Request:
An Ordinance approving the Redevelopment Project for the Streets of West Pryor Tax Increment Financing Plan and activating the collection of tax increment financing revenues therein.
Key Issues:
Streets of West Pryor, LLC (Developer) is proposing to develop approximately 73 acres along the west side of NW Pryor Road immediately south of Interstate I-470. The proposed development includes a mix of commercial uses, totaling 197,190 sq. ft. of retail, grocery store, sit-down restaurants, drive-thru restaurants, medical office, and hotel (105 rooms). Also proposed are two multi-family residential developments that include a 4-story, 165 unit age-restricted facility with associated amenities and a 4-story, 250 unit market rate apartment complex with retail/restaurant uses occupying a portion of the first floor. Also shown within the plan for conceptual purposes is a single-family, attached-villa style age restricted maintenance provided residential subdivision that is not considered part of the development plan approval at this time and will be pursued at a later time under a separate development application. Although the proposed Tax Increment Financing Plan (TIF) incorporates the residential aspects of the proposed development within the TIF Redevelopment Boundary, the Developer is not proposing to include the residential uses within a TIF Redevelopment Project Area(s) therefore TIF revenues will not be collected from the single-family residential or multi-family residential portions of the project.
Please see attached memorandum prepared by David Bushek which summarizes the economic development incentives requested for the proposed Streets of West Pryor mixed-use development project.
Adoption of t...
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