Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves negotiating redevelopment agreement for 544 Street parcel; motion subject to conditions
Summary
Council voted to move forward negotiating a redevelopment agreement for the parcel commonly known as 544 Street with named prospective purchasers, favoring a building over a parking lot and noting masonry/façade and time-frame contingencies.
Council members authorized staff to negotiate a redevelopment agreement for property commonly referred to as 544 Street after debating competing bids that proposed either a parking lot or a retail building. Several council members said they preferred a building because it would generate greater tax increment and long-term value than surface parking.
The motion, as read into the record, directed staff to negotiate with the prospective purchasers identified in the bid (Christy Pacika, Michelle Olsen and Star Reynolds as their interests may appear) and to return the agreement for council approval. Council members emphasized negotiations should ensure acceptable façades and compliance with downtown masonry requirements and include time-frame contingencies; if the developer fails to meet conditions the property would revert to the city.
The motion passed on roll call. Staff said standard contract contingencies and approval of the written redevelopment agreement will be required before closing.
Council members noted the potential for additional tax increment financing (TIF) revenue and that an agreed-upon redevelopment agreement will be returned to council for final approval.
