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Committee directs staff to advance Hunt Midwest redevelopment at 8036 Metcalf with 95% incremental TIF, 15% IRR cap and $35M EDRVs resolution of intent
Summary
The committee voted unanimously to direct staff to prepare a redevelopment agreement with Hunt Midwest for 8036 Metcalf and to proceed with related TIF, CID and EDRV steps, including a resolution of intent for EDRVs not to exceed $35 million.
The committee directed staff to prepare a resolution approving a redevelopment agreement with Hunt Midwest Real Estate Development Inc. for the 8036 Metcalf project and to take subsequent steps on TIF, a CID petition and an EDRB resolution of intent.
Staff said negotiations settled several disputed terms: the allowable increment for the developer was reduced from the…
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