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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: October 3, 2017 |
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Staff Contacts: |
Diane Stoddard, Assistant City Manager Thomas M. Markus, City Manager Britt Crum-Cano, Economic Development Coordinator |
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Receive recommendations from the Public Incentives Review Committee (PIRC) on the 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 (Vermont Place project).
Continue the public hearing from September 19, 2017, on the establishment of a Neighborhood Revitalization Area at 800-815 Vermont Street for the Vermont Place project. After the public hearing, 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 financing to access a sales tax exemption on project construction materials.
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Executive Summary: |
At their July 11, 2017 meeting, the City Commission referred the request and analysis to PIRC for review and recommendation. A public hearing date was set for September 19, 2017 for the City Commission to consider the request.
PIRC reviewed the request and updated analysis at their September 14, 2017 meeting and recommended, on a vote of 7-1, assistance approval for both the IRB sales tax exemption and the 10-year, seventy-five percent (75%) NRA rebate. 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 Plan Critical Success Factor |
Economic Growth |
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Fiscal Impact (Amount/Source): |
Current benefit-cost results show a City ratio of 1.82 (for every $1 of public investment, a $1.82 is received in public benefit) and a County ratio of 2.72 (for every $1 of public investment, $2.72 is received in public benefit). There are no additional costs anticipated to the state or school district due to this project.
Fiscal impact is anticipated to be positive as currently vacant parcels generate very little tax revenue compared to taxing revenues anticipated to be received from the finished project, even after incentives are provided. |
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Attachments: |
Revised Applicant Request Letter and Updated Application 2017 Updated Benefit-Cost Summary & NDC Gap Analysis 2016 Project Technical Report and NDC Analysis (original report) 2017 NRA & IRB Request Processing Calendar |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |
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