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Council approves up to $300,000 incentive package for Stonegate Shopping Center revitalization
Summary
Council authorized an economic development agreement to support façade and site improvements at Stonegate Shopping Center: developer commits at least $850,000; city grant $200,000 after expenses are incurred and a five‑year partial sales-tax rebate limited to $300,000 city contribution.
The council approved a resolution authorizing the city manager to negotiate and execute a Chapter 380 economic development agreement with SGSC Fund LLC / CenterPoint Commercial to support a revitalization of Stonegate Shopping Center at Brown Trail and Bedford Road.
Economic Development Manager Christian Smith outlined proposed terms: a minimum developer investment of $850,000 in façade, parking and site improvements; a one-time city grant of $200,000 payable after the developer submits receipts proving the investment threshold; and a five‑year, 50% sales-tax rebate structured so the city’s total outlay for the incentive package would not exceed $300,000. Staff estimated the rebate would likely max out at about $100,000 in sales-tax rebate but said the combined cap was $300,000.
CenterPoint Commercial representative Mark Cohen said the project has evolved into a larger food-pavilion concept with roll-up doors, restrooms and an indoor/outdoor amenity aimed at drawing customers and supporting adjacent tenants. Council and staff discussed project timing (the agreement requires the developer to begin improvements by 2027 to maintain flexibility), how the city will calculate rebates (city will request confidential sales-tax data from the state comptroller and, when less than four tenants prevent a confidential report, use good-faith methods to derive rebate amounts), and funding (payment from the city’s economic development fund; current year-end balance projected about $904,000 including this action).
Council moved and approved the resolution unanimously. Council members framed the project as an important downtown revitalization and emphasized the city will track compliance with performance triggers before releasing incentives.
