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File #: Res.0054-17    Version: A Name: RDA Resolution No. 17-09 - Redevelopment of 615 Marquette Street and 922 Sixth Street
Type: Resolution Status: Passed
File created: 2/22/2017 In control: City Attorney's Office
On agenda: 2/22/2017 Final action: 2/22/2017
Title: RDA Resolution No. 17-09 - Redevelopment of 615 Marquette Street and 922 Sixth Street Resolved, that the option to purchase and predevelopment agreement with General Capital Group, LLC, which lays out the terms of an exclusive option to purchase the properties at 615 Marquette Street and 922 Sixth Street and discloses a purchase price and expenses between both the RDA and the developer over the next 24 months of due diligence, is approved. Fiscal Note: The option and predevelopment agreement set a purchase price of approximately $750,000.00 for the property and option consideration of $100.00 for a term ending December 31, 2018. RDA estimates that predevelopment expenses are estimated at approximately $87,000.00, to be paid through the City Intergovernmental Fund. Predevelopment expenses incurred by the RDA would include environmental assessments, building surveys, historic preservation surveys, TID revenue studies, and legal expenses. Developer will alsoiincur equivalent expenses du...
Sponsors: Q.A. Shakoor II
Related files: 107-17

Sponsor

Alderman Shakoor

 

Title

RDA Resolution No. 17-09 - Redevelopment of 615 Marquette Street and 922 Sixth Street

 

Resolved, that the option to purchase and predevelopment agreement with General Capital Group, LLC, which lays out the terms of an exclusive option to purchase the properties at 615 Marquette Street and 922 Sixth Street and discloses a purchase price and expenses between both the RDA and the developer over the next 24 months of due diligence, is approved.

 

Fiscal Note: The option and predevelopment agreement set a purchase price of approximately $750,000.00 for the property and option consideration of $100.00 for a term ending December 31, 2018. RDA estimates that predevelopment expenses are estimated at approximately $87,000.00, to be paid through the City Intergovernmental Fund. Predevelopment expenses incurred by the RDA would include environmental assessments, building surveys, historic preservation surveys, TID revenue studies, and legal expenses. Developer will alsoiincur equivalent expenses during due diligence.