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RDA and council approve participation and disposition agreements for Block 1 redevelopment
Summary
Murray's RDA and city council approved participation, reimbursement and disposition agreements enabling the Block 1 development (Rockworth Companies); RDA committed up to $3 million toward a parking structure and up to $1.5 million for gas-line relocation if required. Votes were recorded by roll call.
The Redevelopment Agency (RDA) and the municipal council approved a series of resolutions and disposition agreements to implement the Block 1 development with Rockworth Companies.
RDA staff explained the package contains two categories of property (city-owned and RDA-owned parcels) and the legal mechanics for conveying specified RDA parcels to the developer under the previously negotiated development agreement. The participation/reimbursement agreement commits RDA tax-increment dollars to the project, including a $3,000,000 contribution toward a parking structure and potential reimbursement of up to $1,500,000 if gas-line relocation is required. Staff emphasized environmental due-diligence and stated that any additional environmental remediation funding would be brought back for board consideration.
Board action: A motion to approve the participation and reimbursement agreement was made and seconded; the roll-call results recorded the following positions (board/council roll-call recorded by the clerk): Mr. Hawk — Aye; Mr. Pickett — Aye; Ms. Cotter — Nay; Mr. Goodman — Aye; Ms. Turner — Aye. The motion passed.
City council action: The city also voted to approve a corresponding real-estate disposition agreement for a 0.76-acre city parcel at 48 E. 4800 S. to enable the Block 1 development; that resolution passed by roll call.
What happens next: With both RDA and council approvals complete, staff will proceed with the mechanics of parcel subdivision, conveyance and the developer's due-diligence period; environmental issues identified during due diligence would return to the RDA for further action if additional funds or changes are requested.
