AMENDMENT

Finance Committee · 2026-09-15 · agenda_item

This agenda item concerns an amendment to a previously authorized economic development agreement. The original agreement, Ord. 2021-159-E, involved a 10-year, 75% REV grant up to $820,000 for 118 residential units with an estimated $14,545,000 private investment. The new amendment proposes a 10-year, 75% REV grant not to exceed $1,000,000 for 95 market-rate residential units, with an estimated private capital investment of $20,000,000. The project was not completed by its deadline and the prior agreement was terminated. This item is currently under review by the Finance Committee. The project would involve site preparation, utility work, vertical construction of residential units, and associated finishes. Contractors, suppliers, and service providers in residential construction and related trades may find opportunities. Early engagement before final plans and permits are issued could be advantageous.

grant amount

1000000 $

grant percentage

75 %

grant duration

10 year

dwelling units

95 units

private capital investment

20000000 $

previous grant amount

820000 $

previous dwelling units

118 units

previous private capital investment

14545000 $

return on investment

2.01