Title
An Ordinance Approving the Petition for Establishment of the Chapel Ridge Community Improvement District and Approving a Cooperative Agreement for Implementation of the District. (Note: First reading by City Council on January 19, 2021.)
Body
Issue/Request:
An Ordinance Approving the Petition for Establishment of the Chapel Ridge Community Improvement District and Approving a Cooperative Agreement for Implementation of the District.
Key Issues:
This ordinance will approve the Chapel Ridge Community Improvement District which includes the main portion of the Chapel Ridge Shopping Center which would impose a new 1% sales tax with a maximum duration of 25 years in order to fund rehabilitation and reconstruction work within the boundaries of the District.
Proposed City Council Motion:
Second Motion: I move for adoption of An Ordinance Approving the Petition for Establishment of the Chapel Ridge Community Improvement District and Approving a Cooperative Agreement for Implementation of the District.
Background:
Cadence Commercial Real Estate (“Developer”), through its subsidiary entity which own property within the proposed CID area (Enterprises Lakewood, LLC), have filed a Petition for the formation of a new CID over the main portion of the Chapel Ridge Shopping Center. The applicant gave a conceptual presentation to the City Council on this proposed CID on December 1, 2020. The CID would impose a new 1% sale tax on the commercial retail businesses in the CID area.
The CID is proposed to fund the following rehabilitation and reconstruction improvements and associated soft costs in the combined total of about $4 million in principal costs over the life of the CID:
· Grocery expansion and addition of a deli patio;
· Building façade improvements
· Sidewalk and curb replacement
· Sealcoating, re-striping and repair of parking lots and drive aisles within the District
· Signage repair and improvements
· Landscaping improvements
· Lighting improvements.
D...
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