AMENDMENT

Finance Committee · 2026-09-01 · agenda_item

This item concerns an amendment to a previously authorized economic development agreement. The original agreement, authorized by Ord. 2021-159-E, was for 118 market-rate residential units with a private capital investment of $14,545,000 and a REV grant not to exceed $820,000. That project was not completed by its deadline and the agreement was terminated. The current amendment proposes a new 10-year, 75% REV grant, not to exceed $1,000,000, for the development of 95 market-rate residential units with an estimated private capital investment of $20,000,000. The amendment will correct the project address, the name of the entity that completed the project, and scrivener's errors in the Public Investment Policy waiver language. This item is currently under review by the Finance Committee. If approved, the project would involve site preparation, construction of residential units, and associated infrastructure. Contractors, suppliers, and service providers in residential construction, site work, and related trades could find opportunities. Early engagement before final bids and permits may offer an advantage.

grant amount not to exceed

1000000 $

grant duration

10 year

grant percentage

75 %

number of residential units

95 units

estimated private capital investment

20000000 $

previous grant amount not to exceed

820000 $

previous number of residential units

118 units

previous estimated private capital investment

14545000 $

return on investment

2.01