Ricine Banner
File #: 0391-24    Version: A Name:
Type: Communication Status: Passed
File created: 4/26/2024 In control: Finance and Personnel Committee
On agenda: 10/15/2024 Final action: 10/15/2024
Title: Subject: Communication sponsored by Mayor Mason, seeking to novate the incentive agreements with J. Jeffers & Co., approved by Common Council on March 7, 2023, under Resolution #0200-23, by entering into three separate incentive agreements with J. Jeffers & Co. for Residential Phase IV, Commercial Phase 1, and Commercial Phase 2 of the Belle City Square (Horlick Historic District) Redevelopment at and near 2200 Northwestern Avenue. Recommendation of the Finance and Personnel Committee on 09-23-2024: That the Mayor and City Clerk be authorized and directed to enter into three development incentive agreements with J. Jeffers & Co., for Phase IV of the Belle City Square Redevelopment and execute all necessary documents therein. Fiscal Note: The remaining Utility grants to be paid for C-2 of $500,000 will come from the City Utility surcharge fund. (40101 52420 Redevelopment Assistance). Bridge loan to the developer of $7.5M will be funded by a City borrowing from the Board of Commissione...
Attachments: 1. Memo- Phase IV Belle City Square, 2. Belle City's Amended Incentive Agreement presentation, 3. #0391-24 Resolution

Title

Subject: Communication sponsored by Mayor Mason, seeking to novate the incentive agreements with J. Jeffers & Co., approved by Common Council on March 7, 2023, under Resolution #0200-23, by entering into three separate incentive agreements with J. Jeffers & Co. for Residential Phase IV, Commercial Phase 1, and Commercial Phase 2 of the Belle City Square (Horlick Historic District) Redevelopment at and near 2200 Northwestern Avenue.

 

Recommendation of the Finance and Personnel Committee on 09-23-2024: That the Mayor and City Clerk be authorized and directed to enter into three development incentive agreements with J. Jeffers & Co., for Phase IV of the Belle City Square Redevelopment and execute all necessary documents therein.

 

Fiscal Note: The remaining Utility grants to be paid for C-2 of $500,000 will come from the City Utility surcharge fund. (40101 52420 Redevelopment Assistance). Bridge loan to the developer of $7.5M will be funded by a City borrowing from the Board of Commissioners of Public Lands.