Developer shows completed Quimby project as authority approves Brownfield reimbursement and assignment of reimbursement agreement

Board members reviewed a completed Brownfield project and approved reimbursements and an administrative assignment tied to the project’s sale.

Christian (staff) explained that Talbot Quimby LLC’s redevelopment at 220 Quimby Street NE is complete and requested Brownfield‑eligible reimbursements totaling $619,494, with a current payment of $121,137 available from tax increment capture on hand. Christian said the reimbursement will be paid over multiple years as tax increment capture continues to be available.

Developer Ryan Talbot displayed photos of the finished building and said the project is fully occupied. “We finished the building, got CFO in November. In about six months, we leased the entire thing,” Talbot said, adding that the same project team is moving forward on a 148‑unit follow‑on project on Bridge Street.

Staff also requested approval for an assignment and assumption of the development reimbursement agreement for the same project, explaining that developers sometimes sell projects and the reimbursement agreement language anticipates assignments to new owners. Staff described approval of assignments as standard practice; the board approved the assignment by voice vote.

Why it matters: the action finalizes taxpayer‑supported reimbursements for an executed Brownfield project and updates the public record when project ownership changes hands. Talbot emphasized rapid lease‑up and credited incentives and coordinated funding as critical to project delivery.

What’s next: staff will process the reimbursement payment and record the assignment of the agreement; the board noted the payments will continue in future years as tax increment capture allows.

Ending: motions carried by voice vote; the board acknowledged the developer and welcomed visual inspection of the completed work.