Title
Presentation: Sale of Land and Transfer of Developer Interests from M-III Longview, LLC, to Box Real Estate Development, LLC, under the Longview Tax Increment Financing Contract
Body
Issue/Request:
Request for City approval to sell land and transfer all Developer interests from M-III Longview, LLC, to Box Real Estate Development, LLC, pursuant to the Longview Tax Increment Financing (TIF) Contract
Key Issues:
Transfer of all land and Developer interests to Box Real Estate Development under the Longview TIF Contract. The Council reviews the ownership, management, operational, financial and development capabilities of a developer of record under a TIF Plan.
Proposed City Council Motion:
I move to approve the requested sale of land and transfer of Developer interests from M-III Longview, LLC, to Box Real Estate Development, LLC, as the Developer of record pursuant to the Longview Tax Increment Financing Contract.
Background:
On October 16, 2003, the City Council approved the First Amended and Ratified Longview Farm Tax Increment Financing Plan (the “Longview Farm TIF Plan”) through the adoption of Ordinance No. 5630, for the redevelopment of historic structures on the Longview Farm property, in accordance with the TIF Act.
In 2013, a company named Mariner Real Estate acquired all of the prior Developer interests in the undeveloped portions of the Longview TIF Redevelopment Area. Mariner proposed amendments to the 2003 TIF Plan and a new TIF Plan for the remaining undeveloped areas of the Longview TIF Redevelopment Area. Mariner later changes its name to Platform Ventures, and formed a subsidiary named M-III Longview, LLC (the “Developer”) for the purposes of the redevelopment work under the TIF Plan.
On December 17, 2015 the City Council approved Ordinance No. 7778 which approved the Second Amended and Restated Longview Farm TIF Plan, Ordinance No. 7779 which approved the New Longview TIF Plan. The City and Developer entered into the Tax Increment...
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