SUBJECT
Discussion and possible action to approve a Resolution authorizing the reimbursement of land acquisition costs and associated appraisal fees for the Echo East project located at 301 Spriggsdale up to $800,000.00, to authorize Staff to negotiate the appropriate agreement, and to authorize the appropriate amendments to the Project and Finance Plans.
BACKGROUND:
At the May 1, 2015 meeting of the Inner City TIRZ Board of Directors, Barbara Hawkins, President and CEO of the George Gervin Youth Center (GGYC), put forth a proposal to utilize the City owned property at 301 Spriggsdale and property owned by GGYC for a future mixed use development to be called Echo East. The Spriggsdale property had been acquired by the City on behalf of the Inner City TIRZ Board through a deed in lieu of foreclosure related to a previous agreement with another party that was unable to secure adequate funding. Ms. Hawkins requested that the TIRZ Board give her site control of the property for a period of one (1) year to conduct due diligence on the proposed Echo East project. In addition, Ms. Hawkins requested the TIRZ Board award $150,000.00 for pre-development expenses related to that due diligence. After considerable deliberation, a motion was approved directing staff to negotiate the terms of a Pre-development Agreement with GGYC, in an amount up to $150,000.00 for due diligence for the Echo East Project and to draft a "Right of Entry Agreement" allowing GGYC to have access the property to conduct necessary tests to complete that due diligence. At the request of John Dugan, then the Director of Planning and Community Development, the Board mandated that the City would maintain ownership of the site.
On August 14, 2014 the Inner City TIRZ Board of Directors awarded up to $150,000.00 to GGYC for pre-development activities related to a proposed mixed use development on a 10 acre tract located at 301 Spriggsdale. The property is currently owned by the City on behalf of the ...
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