AMENDMENT

Rules Committee · 2026-08-31 · agenda_item

This item concerns an amendment to a previously authorized Economic Development Agreement. The original agreement, Ord. 2021-159-E, authorized a REV grant for 118 residential units and a private investment of $14,545,000. That project was not completed by its deadline and the agreement was terminated. The current proposal seeks to authorize 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. This amendment is currently under review by the Rules Committee. If approved, the project would involve the construction of new residential units, potentially including site preparation, utility work, vertical construction, and interior finishing. Local contractors, suppliers, and service providers are encouraged to engage early to understand the project details as plans develop, as this offers an advantage before bids and permits are finalized.

grant amount

1000000 $

grant percentage

75 %

grant duration

10 year

residential units

95 units

private capital investment

20000000 $

previous grant amount

820000 $

previous residential units

118 units

previous private capital investment

14545000 $

return on investment

2.01