Title
Presentation - Conceptual Economic Development Incentive Request - Southside Plaza Shopping Center Community Improvement District; Brain Dev. 3 LLC, applicant.
Body
Issue/Request:
Presentation - Conceptual Economic Development Incentive Request - Southside Plaza Shopping Center Community Improvement District; Brain Dev. 3 LLC, applicant.
Key Issues:
In accordance with the City's adopted Economic Development Incentive Policy, Brain Dev 3, LLC is presenting a conceptual incentive request for a proposed renovation of the Southside Plaza shopping center. Brain Dev. 3 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 renovation is located within the US 50 Highway Targeted Planning Area referenced in the Economic Development Incentive Policy and includes properties addressed as 400 - 406 SW Nichols Street, 712 SW Blue Parkway and 806 - 862 SW Blue Parkway. The proposed renovation does not include 800 SW Blue Parkway which is currently operated as Johnny Ray's.
The proposed scope of the renovation includes the following building and site improvements that are being requested to be reimbursed through the CID:
* Building improvements: new facade, roof replacement, HVAC update, exterior entry and garage doors
* Site improvements: landscaping, retaining wall, parking lot, stormwater and concrete improvements
The proposed CID would also fund annual operating expenses which includes City administration fee, landscaping and beautification efforts, snow removal, security and graffiti removal and insurance.
The total estimated project cost is $4,764,349 which includes land acquisition. Brain 3 Dev. LLC is requesting the proposed CID reimburse project eligible costs of $1,414,319 which is 29.69% of the total investment for the renovation.
The applicant and staff are seeking feedback from the Mayor and Council...
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