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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 with covenants, conditions and restrictions among 400 Monmouth LLC and World Peace Hospitality LLC to address utilities and the service drive between the new building, the city parking garage and the hotel.
City staff and project representatives from UrbanSites described the development as a seven-story building with approximately 121 residential units (they said the count could flex between about 120 and 126) and ground-floor commercial space. Staff noted the parcel had been the site of prior development discussions and that a 2019 development agreement set a pilot rate for the site at $6 per $1,000; the inducement includes a one-year timeframe for execution and issuance of bonds and an escalator provision tied to PVA valuation should the PVA value increase.
Representatives from UrbanSites and associated presenters described the firm's track record (the firm manages similar projects such as the Hayden) and said the project aims to activate the Monmouth Street block with 4,400 square feet of space earmarked for a restaurant/bar near Fourth Street and about 4,200 square feet on Fifth Street designated for commercial leasing. They emphasized local construction and leasing expectations and said UrbanSites typically manages on-site property management for buildings of this size.
City staff noted the inducement and the project's completion are important to preserve a state tax increment financing (TIF) arrangement that helps pay for the city's parking garage; staff and a board member also observed that combined investments on the block now total substantially more than initial 2017 concept estimates, with one speaker noting total block investments exceed $80 million when counting the two hotels, UrbanSites' project and the city's garage.
Both orders passed by unanimous roll call. Commissioners recorded as voting "yes" on the orders included Commissioner Sutherland; Commissioner Radwanski; Vice Mayor Smith Morrow; Commissioner Acton; and Mayor Thomas L. Cadulli Jr.
