Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Mayor Martin updates council on Port Eastside, Concourse Park, Church Corners and CIF award
Summary
Mayor Connor S. Martin briefed the Town Council on development progress: bids for Concourse Park returned above budget and the $10 million previously planned as a grant is moving back to being a loan through JASCO (requiring a later amendment to the development agreement); the town won $6 million from the CIF board toward converting 111 Founders to residential and expects a hotel certificate of occupancy this spring/summer.
Mayor Connor S. Martin gave the council a multi-item development update on March 17, reporting progress and funding changes across several projects including Concourse Park, Port Eastside, Church Corners Inn and an upcoming hotel.
Martin said bid prices for Concourse Park's infrastructure came back higher than the prior $10,000,000 pro forma and that the town is reclassifying the $10 million from a grant back to a loan (likely programmed by JASCO), which will require council review and a potential amendment to the development agreement. "We will likely need to come back to council to amend the development agreement because of that management of money changing back to JASCO," he said.
On Port Eastside, Martin said demolition at 99 Founders and removal of transformers are underway and that within about three weeks demolition of the main 99 Founders building should begin. He said the town won $6,000,000 from the CIF board toward converting 111 Founders to residential (the town had applied for $15,000,000). "We did get $6,000,000, which is better than getting nothing," Martin said, and added the town will continue applying for additional tranches.
Martin also reported the March (Roberts Street) hotel anticipates a certificate of occupancy by late spring or early summer and that the town is exploring a purchase-and-leaseback approach with the post office to resolve parking constraints near Church Corners Inn.
Why it matters: The funding shift for Concourse Park and the CIF award for 111 Founders affect town gap financing and future budget discussions. Councilors pressed the mayor and staff on developer equity commitments, the town's exposure to budget overruns, and short-term parking solutions for Main Street residents.
Council follow-up and neighborhood issues: Councilors asked whether the town could open Silver Lane Plaza for event parking until development, how Live Nation and the stadium are coordinating ticketed parking and rideshare pickup to reduce neighborhood impacts, and whether the town might offer residential parking passes to underused municipal lots to ease evening parking pressure on Main Street.
What's next: Mayor Martin said the town will continue coordination with CRDA, JASCO and developers and will return to council when new funding arrangements or development-agreement amendments are required.
