Title
Conceptual Economic Development Incentive Request - Chapel Ridge Shopping Center Community Improvement District, Cadence Commercial Real Estate, applicant
Body
Issue/Request:
Conceptual presentation on a request to form a CID on portions of Chapel Ridge Shopping Center which is anchored by the Price Chopper grocery store at the southwest quadrant of the Woods Chapel and I-470 interchange, for the purpose of funding rehabilitation and site improvements to the grocery store and adjacent commercial development. The applicant is Cadence Commercial Real Estate (“Applicant”).
Key Issues:
· Formation of a CID to fund a program of rehabilitation work to portions of the shopping center, including the Price Chopper grocery store.
· A blight declaration is necessary within the proposed CID area in order to use the CID revenues to fund the rehabilitation and repair work.
Proposed City Council Motion:
No Council motion is requested at this Conceptual Presentation. The applicant is seeking general feedback in accordance with the City Council’s Economic Development Incentive Policy (last amended January 2020).
Background:
The Chapel Ridge Shopping Center is the project site generally located at 801 and 905 NE Woods Chapel Road. The primary anchor is a Price Chopper grocery store, and other commercial businesses on the main parcel include restaurants, a barber shop, a jeweler and a UPS Store. Enterprises Lakewood, LLC, which is an affiliate of Applicant, owns the majority of the property within the proposed CID area. Limpus Enterprises, LLC, owns the northwestern most parcel in the proposed CID area (tenants include jewelry store, pet supply store and spa), and Applicant is planning to purchase that parcel as part of this project.
The total acreage of the proposed CID area is 10.36 acres, and the scope of the development within the CID area is 97,286 square feet. The proposed boundaries of the CID have an irregular shape, to match the shape of the parcels owne...
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