Title
Presentation - Conceptual Economic Development Incentive Request - Proposed Cedar Creek Shopping Center Community Improvement District; Cadence Commercial Real Estate, applicant.
Body
Issue/Request:
Presentation - Conceptual Economic Development Incentive Request - Cedar Creek Shopping Center Community Improvement District and Land Clearance for Redevelopment Authority Incentive Request; Cadence Commercial Real Estate LLC, applicant.
Key Issues:
In accordance with the City's adopted Economic Development Incentive Policy, Cadence Commercial Real Estate, LLC (“Developer”) is presenting a conceptual incentive request for a proposed renovation of a portion of the Cedar Creek Shopping Center and the Pizza Hut property owned by Developer on the north side of 3rd Street. Developer is requesting incentives through the use of a Blighted Community Improvement District (CID) by imposing a sales and use tax of up to 1% on all taxable retail sales within its boundaries, and also an incentive through the Land Clearance for Redevelopment Authority Act (LCRA Act).
The proposed renovation is located within the US 50 Highway Targeted Planning Area referenced in the Economic Development Incentive Policy. The property has already been declared to be a blighted area pursuant to the LCRA Act. The proposed renovation only includes roughly the southern half of the shopping center ("in-line" or "strip center" buildings) and does not include the Hy-Vee grocery store and the out-lots located on the eastern and northern portions of the shopping area. The proposed incentive area also includes the Pizza Hut property located on the north side of 3rd Street. Developer owns the property within the proposed incentive area, and does not own the other properties that are in the shopping center but outside the proposed incentive area.
The proposed scope of the renovation includes the following building and site improvements that are being requested to be reimbursed through the CID ...
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