Title
Conceptual Economic Development Incentive Request - (1) Sales Tax Exemption on Construction Materials and Real Property Tax Abatement for Raintree Village Retirement Community, Scenic Development, LLC applicant and (2) Community Improvement District for Arborwalk Development, Christie Development Associates, LLC, applicant
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for two separate requests in connection with the Arborwalk development which is proposed north of Highway 150 and west of Ward Road:
(1) Sales and Use Tax Exemption on construction materials and real property tax abatement in the amount of 50% abatement for 10 years, requested by Scenic Development, LLC (“Scenic Development”);
(2) formation of a Community Improvement District by Christie Development Associates, LLC (“Christie Development”) to fund traffic improvement and stormwater improvements that would serve the new development and also fund previously-completed improvements around the existing Raintree Lake Village development that is located at the southeast quadrant of Ward and Highway 150.
Key Issues:
Evaluation of incentive requests for the retirement community and commercial development in the proposed Arborwalk Development.
Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The companies are seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.
Background:
Two components of the Arborwalk Development are being presented to the Council. One incentive request is related exclusively to the Scenic Development Retirement Community and one request is related to the remainder of the mixed-use project.
Arborwalk Development
On June 21, 2022, the City Council continued the public hearing for Application #PL2022-119 - Preliminary Development Plan - Raintree Village, 1501 SW Arborwalk Boulevard; Scenic Development, LLC, applican...
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