Council votes to pursue up to $6M brownfield remediation grant for 100 Franklin Drive; Penrose identified as prospective developer

The council voted to authorize submission of Resolution 143-288, a brownfield remediation grant application up to $6 million, for the 100 Franklin Drive project. William (economic development director) explained that since an earlier 2025 application the maximum DCD brownfield grant limit rose from $4 million to $6 million and new environmental data indicate remediation of the site could approach $6 million.

William said the city’s prior $200,000 brownfield award helped produce a path to ownership, a capital stack and a developer. New Colony Development Corporation (Brownfield Land Bank) would hold liability during cleanup, and Penrose and The Cloud Company are the developers the city engaged through an RFQ process. William outlined a tentative timeline: grant award in June, contract access in roughly six months (funds available ~December), about 12 months for remediation, and possible redevelopment starting in January 2028 pending financing and approvals.

Council members pressed for fuller fiscal analysis before committing to any tax-abatement negotiations. Several councilors said the application does not legally bind the city to a future tax agreement or to Penrose, but it does require evidence of a credible path to ownership and a developer to be competitive for the grant. The council voted to submit the application; members asked staff to return with a detailed presentation on the prior Penrose riverfront project’s net fiscal impacts (service costs, tax revenues, school impacts) before any binding decisions on abatements.

Next steps: Staff will file the grant application by the March deadline and prepare the requested fiscal-impact presentation for council review prior to any tax-agreement deliberation.