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Committee recommends redevelopment agreement and TIF rebate for Pheasant Run industrial project
Summary
The Planning and Development Committee recommended approval of a redevelopment agreement for the Pheasant Run industrial project, including a pay-as-you-go TIF rebate with a maximum rebate of $10,925,000 and an electric-infrastructure arrangement that involved developer-fronted payments for transformers.
The Planning and Development Committee on March 10 recommended approval of a redevelopment agreement (RDA) for the Pheasant Run industrial development project. Staff described the project as an 84-acre industrial development with four buildings totaling about 1.1 million square feet, a projected private investment of approximately $136 million and potential employment of 500 to 1,500 jobs when fully built and occupied.
Staff said the developer (discussed in the presentation as Greco DeRosa and related entities) initially identified the electric service to the site as under capacity. To avoid long delivery delays for large transformers and related equipment, the developer fronted about $5.6 million so that the city could order the electric infrastructure; staff said that approach sped procurement and mitigated schedule risk. Under the recommended RDA, the city would provide a pay-as-you-go TIF rebate to reimburse certain TIF-eligible project costs. The…
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