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File #: 2019-3007    Name:
Type: Public Hearing - Legislative Status: Agenda Ready
File created: 8/28/2019 In control: City Council - Regular Session
On agenda: 10/15/2019 Final action:
Title: Public Hearing: Meridian at View High Amendments to Chapter 100 Industrial Development Project
Attachments: 1. Request for Adjustment of Ch. 100 PILOT Schedule, 2. Exhibit A - Amended Plan, 3. Letter of Credit Settlement Agreement, 4. Ordinance 8082
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Title
Public Hearing: Meridian at View High Amendments to Chapter 100 Industrial Development Project

Body
Issue/Request:
Meridian View High, LLC is the developer of the 312 unit multi-family Meridian at View High project currently under construction near the intersection of View High and 3rd Street. Meridian View High, LLC is requesting to amend the Chapter 100 Industrial Development Project to amend the Payment In Lieu of Tax (PILOT) schedule and authorize additional bond capacity in the amount of $6,500,000 for a total maximum principal amount not to exceed $46,000,000 to complete the project. The request to amend the approved Chapter 100 Industrial Development Project is due to unanticipated project delays and increased construction costs and cost overruns related to the project.

Key Issues:
Meridian View High, LLC is requesting to amend the current PILOT schedule to allow for one additional year for construction completion. The current approved PILOT schedule allows for the first two year PILOTS to be nominal amounts to allow for project completion during 2017 - 2018 with 2019 PILOTS established for project completion and occupancy. The PILOT structure for the completed project is approved to be in place through 2028 (ten year period). As the project is not fully completed, Meridian View High, LLC is requesting one additional year of nominal PILOTs to allow for project completion and occupancy prior to triggering the "full" PILOT payment for the completed project. In summary, this would adjust the PILOT schedule by deffering the "full" PILOT Payment by one year. Provided below is a comparison of the Approved PILOT Schedule and the Proposed/Requested PILOT Schedule:

Approved PILOT Schedule Proposed/Requested PILOT Schedule
Year PILOT Amount Year PILOT Amount
2017 $1,149.00 2017 $1,149.00
2018 $1,149.00 2018 $1,149.00
2019 $327,912.00 2019 $1,149.00
2020 $327,912.00 2020 $199,099.00
2021 $327,912.00 2021 $327,...

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