Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development and Project Plan Implementation and Loan Agreement with Casey Advisory Group, Inc. (and The Cotton Mill Partners, Ltd., as Intervener and Owner) for the Historic Cotton Mill Redevelopment Project and a Budget Amendment to the TIRZ No. 1 Fiscal Year 2013-2014 Annual Budget
Summary
MEETING DATE: March 17, 2014
DEPARTMENT: Development Services-Planning
City Manager's Office
CONTACT: Michael Quint, Director of Planning
Barry Shelton, AICP, Executive Director of Development Services
Mark Houser, City Attorney
Rob Daake, P.E., Deputy City Manager
RECOMMENDED ACTION:
* Staff recommends approval of the proposed resolution and approval of a budget amendment authorizing the $500,000 expenditure outlined in the proposed agreement.
ITEM SUMMARY:
* The proposed economic development partnership (i.e. agreement) between Casey Advisory Group, Inc. ("CASEY"), The Cotton Mill Partners, Ltd. ("COTTON MILL") as intervenor and owner of the Project, and Tax Increment Reinvestment Zone Number One ("TIRZ") is intended to incentivize a substantial phase of private site and building (shell) improvements required to make the eastern portion of the main building complex ready for tenant finish-out by the growing demand for office space in the unique setting of the Historic Cotton Mill Redevelopment Project ("Historic Cotton Mill").
* The proposed agreement is intended to:
1. facilitate the incubation, acceleration, retention, and expansion of existing businesses in the Historic Cotton Mill;
2. attract new businesses to the Historic Cotton Mill; and
3. further enhance and leverage the MEDC's business relationship with the Historic Cotton Mill via the Emerging Technology Program and the Collide Center.
* Under the proposed agreement, the specific obligations of TIRZ are:
1. Fund a one-time, up front grant not to exceed $500,000, which shall be dis...
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