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Board backs EDA’s incentive agreement for HUB Development and seeks joint EDA meeting on unsold EDA land
Summary
The board supported the EDA’s recapture/incentive agreement for HUB Development LLC (an estimated $8 million renovation to mixed‑use) and agreed to appropriate funds when final figures are known; supervisors also discussed concerns about an unsold EDA parcel and asked for a joint meeting with the EDA to clarify expectations for disposition and community benefits.
Miss Armstrong updated the board on a recapture and incentive agreement for HUB Development LLC to renovate a former warehouse on Campbell Street into mixed‑use space with an estimated $8,000,000 investment and about 28 one‑ and two‑bedroom apartments. The project qualifies for enterprise‑zone tax rebates based on post‑construction assessed value; staff said the final qualifying assessment and rebate term (5, 10 or 15 years) depend on the final assessed value.
The Economic Development Authority unanimously approved the agreement; the board voted to support the EDA’s agreement with HUB Development and to appropriate funds for approved real estate tax rebates once final figures are confirmed.
Separately, supervisors raised concerns about an EDA‑held parcel purchased in 2008 that had an unsuccessful RFP process and questions about communication and negotiation with bidders. Several supervisors called for a joint meeting with the EDA in the new year so the two boards could align on disposition goals, evaluation criteria and potential conditional sales tied to jobs or housing benefits.
Staff agreed to arrange a joint EDA–Board of Supervisors meeting after the first of the year to set expectations and review proposals for the parcel’s disposition.
