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CRA approves fourth EDA amendment for College Park redevelopment, extends deadlines and raises unit cap
Summary
The board approved a fourth amendment to the TID infrastructure grant and economic development agreement for the College Park (formerly Town and Country) redevelopment, extending commencement and job-creation deadlines, raising the residential cap from 90 to 110 units, and preserving a repayment clause of approximately $1.2 million if conditions are unmet.
The CRA board approved a fourth amendment to the economic development agreement (EDA) for the College Park redevelopment project (formerly Town and Country Shopping Center), voting 15-0 to permit timing flexibility and an increased maximum residential cap.
Karen Nasralla of the Office of Economic Development told the board the amendment does not increase the amount of grant funding but seeks flexibility to move the project to completion following supply-chain issues and permitting delays. She described the changes as: extending the commencement deadline for the residential or hotel component to Aug.…
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