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Commissioners approve inducement for 400 Monmouth mixed-use project and reciprocal easement
Summary
The board approved inducement steps for industrial-revenue bonds and a reciprocal easement for a seven-story, mixed-use project at 400 Monmouth, a roughly 121-unit residential building with ground-floor commercial space; prior 2019 agreement set a PILOT rate and the inducement preserves a state TIF that supports the city's parking garage.
The Board of Commissioners approved preliminary action to support a mixed-use development at 400 Monmouth and authorized a reciprocal easement agreement for utilities and shared access.
Commissioner Order Number 68 authorized the city to undertake preliminary action related to the acquisition, construction, equipping and installation of a mixed-use commercial and residential project by 400 Monmouth LLC and to agree to undertake issuance or sale of industrial building revenue bonds at the appropriate time, subject to conditions in the memorandum of agreement. The board also approved Commissioner's Order Number 69 to execute a reciprocal easement agreement…
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