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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: Dec. 06, 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 for a Neighborhood Revitalization Area (NRA) and Industrial Revenue Bond financing for a mixed-use project at 800-815 Vermont Street.
Receive recommendations from the Public Incentive Advisory Committee and the Affordable Housing Advisory Board.
Continue Public Hearing from November 1, 2016 on the establishment of a Neighborhood Revitalization Area (NRA) at 800-815 Vermont Street for the Vermont Place project and consider adopting on first reading, Ordinance No. 9303, establishing the revitalization area and approving the NRA plan, and consider adopting Resolution No. 7173, authorizing Industrial Revenue Bond (IRB) financing for the purpose of accessing a sales tax exemption on project construction materials. |
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Executive Summary: |
At their October 18, 2016 meeting, the City Commission referred the request and analysis to the Public Incentives Review Committee (PIRC) and the Affordable Housing Advisory Board (AHAB) for review and recommendation. A public hearing date was set for November 1, 2016 and continued to December 6, 2016 for the City Commission to consider the request.
PIRC and AHAB have reviewed the request and corresponding analysis and provided recommendations regarding the project. The request is now ready for City Commission consideration at a public hearing.
Meetings have been scheduled for the County and school district to consider their participation in the NRA later this month. |
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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: |
Staff Memo & Attachments (revised 12/05/16) |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |