Title
An Ordinance Approving the Amended Petition for the Southside Plaza Community Improvement District and the Amended and Restated Cooperative Agreement for the Southside Plaza Redevelopment Project.
(Note: First reading by Council on August 3, 2021. Passed by unanimous vote.)
Body
Issue/Request:
Ordinance to approve the Amended Southside Plaza CID Petition to provide the CID with authority to impose special assessments as an implementation mechanism for the tax abatement previously approved by the City Council for rehabilitation and refurbishment of the shopping center, along with approval of an Amended and Restated Cooperative Agreement to implement the Amended CID Petition.
Key Issues:
Amendment of the CID Petition to provide the CID with authority to impose special assessments as an implementation mechanism for the incentives approved for the shopping center.
Council Motion:
I move for adoption of An Ordinance Approving the Amended Petition for the Southside Plaza Community Improvement District and the Amended and Restated Cooperative Agreement for the Southside Plaza Redevelopment Project.
Background:
On June 9, 2020, the City Council approved Ordinance No. 8894 which approved the formation of the Southside Plaza Community Improvement District (the “CID”) to provide a funding source to reimburse Brain Dev 3, LLC (the “Developer”) for improvements to be made to the project in an effort to redevelop and revitalize the shopping center. The CID will impose an extra 1% sales tax on all retail sales in the shopping center, and the resulting sales tax revenue will be used as a source of reimbursement to Developer for qualified renovation costs.
After the CID approval, it was learned that the CID revenue projections were based on inaccurate data about prior taxable sales levels at the shopping center. The Developer originally expected that the 1% CID sales tax would provide sufficient funds to reimburse about $1.44 million in eligible costs, and this w...
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