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Commission adds East Main property to Project Phoenix agreement, initiates third allocation area
Summary
The commission approved an amendment to the Project Phoenix economic development agreement adding a downtown building (referred to in the transcript as the Creskip building) and initiated a resolution to establish a third allocation area composed of seven properties, starting the procedural steps toward planning‑commission review and potential bond issuance.
At its May 19, 2016 meeting, the Richmond City Redevelopment Commission approved the first amendment to the economic development agreement for Project Phoenix to include an additional property on East Main Street (identified in the meeting record as the "Creskip building" at 801 E. Main). The commission also introduced Resolution Three to establish a third allocation area comprising seven properties identified in the agreement.
The Chair told the commission that AP Development has acquired the Creskip building and intends to include it in the Project Phoenix scope; the Chair described likely use as apartments on the upper floors with commercial space on the ground floor, noting final design and surveying work is ongoing. The Chair said adding the building to the agreement will allow developers to include its projected revenues in bond sizing and repayment analyses once bonds are issued.
The commission authorized the Chair to sign the amended economic development agreement when all parties are ready. The Chair explained the procedural sequence for the new allocation area: notify the planning commission so the matter can appear on its June agenda, proceed through planning commission review, and then request city council approval for the allocation area and any related developer actions. The Chair emphasized that the developer, not the city, is responsible for any shortfall if projects do not produce expected revenues.
A motion to approve the amendment and to initiate the resolution was made and approved by voice assent; the transcript records the Chair calling for assent and stating the motions carried. The commission then proceeded to adjournment.
Next steps recorded in the meeting: staff will notify the planning commission and schedule the allocation area item for the June meeting; developer analyses from Baker Tilly and Baker Tilly’s subsequent bond sizing work will inform the eventual bond issuance process.
