|
CITY COMMISSION AGENDA ITEM |
|
|
Department: |
City Manager’s Office |
Commission Meeting Date: June 6, 2017 |
||
|
Staff Contact: |
Britt Crum-Cano, Economic Development Coordinator |
|||
|
Recommendations/Options/Action Requested: |
|
|||
|
Receive VanTrust application and set a public hearing date for July 11, 2017 for consideration of Catalyst Program incentive package. |
|
|||
|
Executive Summary: |
In April 2017, the City Commission approved the Catalyst Program, a program aimed at spurring economic development in East Hills Business Park and Lawrence VenturePark.
The City has received an application from VanTrust Real Estate, LLC for participation in the City’s Catalyst Incentive Program. Headquartered in Kansas City and with regional offices in Columbus, Dallas, Phoenix, and Jacksonville, VanTrust is a full service real estate development company providing acquisition, development, asset management, and construction management for the office, industrial, multifamily, retail, institutional, governmental, hospitality, and recreational real estate markets.
The company is proposing a total of 555,284 square feet of industrial spec space to be developed in three phases at Lawrence VenturePark. Total construction investment is estimated at $31 million.
Phase I: 152,250 square foot spec building on Lot B1 Phase II: 152,250 square foot spec building on Lot B2 Phase III: 250,784 square foot spec building on Lots A1, A4, A5, & A6
Phase I calls for ground breaking within six (6) months of award notification and an additional 10 months for construction finish. Additional phases are anticipated to break ground in nine (9) month intervals, following the construction completion of the previous phase. The company plans to build to LEED certification equivalent and potentially to LEED silver equivalent, depending on an evaluation of costs and returns.
|
|||
|
Strategic Plan Critical Success Factor |
Economic Growth and Security |
|||
|
Fiscal Impact (Amount/Source): |
The fiscal impact to the City of the Catalyst Program is positive but the exact amount is unknown until projects are constructed. The Catalyst Program requires special assessments that are currently an obligation of the City and/or County be covered by the developer. Because the program only offers a partial property tax abatement, any new development will result in net positive tax base to the City and the other taxing jurisdictions. Decisions regarding incentives would take place at a future meeting. |
|||
|
Attachments: |
||||
|
Reviewed By: (for CMO use only) |
☒TM ☐DS ☐CT ☐BM |
|||