Title
Discuss the Historic Cotton Mill
Summary
MEETING DATE: August 19, 2013
DEPARTMENT: City Manager's Office
Development Services-Planning
CONTACT: Jason Gray, City Manager
Barry Shelton, Executive Director of Development Services
Kevin Spath, AICP, Assistant Director of Planning
ITEM SUMMARY:
* Staff will provide information to discuss the historic Cotton Mill at 610 Elm Street and the potential for a formal economic development partnership (i.e. agreement) with the private owner/developer of the Cotton Mill to incentivize a substantial phase of site/shell building rehabilitation involving the eastern portion of the main building complex for the purposes of:
1. facilitating the incubation, acceleration, retention, and expansion of existing businesses in the Cotton Mill,
2. attracting new businesses to the Cotton Mill, and
3. further enhancing and leveraging the MEDC's business relationship with the Cotton Mill via the Emerging Technology Program and the Collide Center.
* The private owner/developer (Cotton Mill Partners Ltd) has owned the historic Cotton Mill since 1997 and has made significant improvements over the years to save the existing main building complex from further deterioration. The main building complex contains an approximate total size of 149,000 square feet (and the four outbuildings contain an additional 40,000 square feet).
* Currently, approximately 23% (34,000 square feet) of the main building complex has been rehabilitated for occupancy (office space, studio space, and an event hall). Of the 34,000 square feet of rehabilitated space, 100% is occupied. Approximately 77% (115,000 square feet) of the main building complex remains functionally obsolete in an unrehabilitated condition and is not yet suitable for occupation.
* Staff will explain the current status of the Cotton Mill site/buildings and the various improvements (e.g. parking, electrical service, fire safety, water service) ne...
Click here for full text