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Athens approves amended Chapter 380 agreement with JAB Realty Investments for Cardinal Estates
Summary
Council unanimously approved a resolution authorizing the City Manager to enter an amended Chapter 380 agreement with JAB Realty Investments, increasing the incentive from $242,000 to $345,000; total reported project investment is $437,754 and staff said no further incentives will be offered for this subdivision.
The Athens City Council on Feb. 18 approved a resolution authorizing the city manager to enter an amended Chapter 380 economic incentive agreement with JAB Realty Investments, LLC for the Cardinal Estates subdivision.
Elizabeth Borstad, City Manager, presented progress photos and summarized the amended agreement. Staff reported the prior incentive amount of $242,000 and a proposed amended incentive of $345,000. Total project investment was listed at $437,754, broken into Towers Holdings $92,754 and JAB Realty $345,000; staff cited a per-lot incentive of $13,265 and stated that no future incentives will be available for the subdivision.
Councilmember Bryan Barker moved to approve the resolution, Councilmember Bill Priestley seconded, and the motion carried unanimously. The council recorded no individual votes beyond the unanimous outcome.
The amended agreement was passed as presented; staff did not list additional conditions beyond the updated incentive and the notice that no future incentives will be provided for Cardinal Estates.
