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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: October 18,2016 |
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Staff Contact: |
Britt Crum-Cano, Diane Stoddard, Thomas M. Markus |
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Recommendations/Options/Action Requested: |
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Receive request from Vermont LLC to establish a 10-year, 75% Neighborhood Revitalization Area (NRA) for the property located at approximately 800-815 Vermont Street and for Industrial Revenue Bond (IRB) financing for the purpose of accessing a sales tax exemption on project construction materials, refer the request to the Public Incentives Review Committee for a meeting on October 19, 2016 and set November 1, 2016 as the date for a public hearing on the proposed NRA and Revitalization Plan.
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Executive Summary: |
At their 7-5-2016 meeting, the City Commission referred the request to staff for analysis and referred the request to the Affordable Housing Advisory Board and Public Incentives Review Committee for review and recommendation.
City Staff has completed a cost-benefit analysis and NDC conducted a gap analysis (“but for”) of the proposal, in accordance with the City’s NRA policy.
Staff believes the request and analysis is ready for PIRC review and recommendation. The Affordable Housing Advisory Board reviewed the affordable housing components of the project and provided recommendation on 10-10-16.
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Strategic Goal Area: |
Economic Development |
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Fiscal Impact (Amount/Source): |
Cost-benefit analysis shows a 1.78 ratio for the City (for every $1 in public incentives, $1.78 of benefit value is returned). Gap analysis supports the request. |
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Attachments: |
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