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Committee moves Alberta Land LLC redevelopment for Leland site to full council
Summary
The committee voted to forward an economic development agreement with Alberta Land LLC to the full council; staff described a $10 million initial investment, a six-month greenfield commitment, a 100% rebate of specified city taxes, a $250,000-per-year clawback, and a maximum city obligation of $35.5 million over a 27-year abatement period with a 5-year trigger.
City staff presented a proposed economic development agreement with Alberta Land LLC to redevelop the former Leland Shopping Center site in Alberta City. Staff said the developer is committing to an initial $10 million investment that would cover acquisition, demolition, engineering and construction and that the developer has the property…
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