AMENDMENT

Neighborhoods, Community Services, Public Health and Safety Committee · 2026-08-31 · agenda_item

This item concerns amendments to a previously authorized economic development agreement for a residential development. 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. The project was not completed by its deadline, and the agreement was terminated. A revised agreement is now proposed to authorize a 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. This item is currently pending review. The project involves the development of residential units, which would typically include site preparation, utility work, construction of the residential structures, and final landscaping. Contractors, suppliers, and service providers interested in this project are encouraged to reach out early, as this is an early stage of the public process before site plans, bids, and permits are finalized.

grant amount

1000000 $

grant percentage

75 %

grant term

10 year

number of residential units

95 market-rate residential units

private capital investment

20000000 $

original grant amount

820000 $

original number of residential units

118 market-rate residential units

original private capital investment

14545000 $

return on investment

2.01