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Council approves updated OCDC memorandum of understanding; Industrial Centrum pricing and Highland Post payback revised
Summary
The council approved an updated memorandum of understanding with OCDC that alters sale pricing for certain Industrial Centrum lots and ties payback for the Highland Post lot (about $165,000) to proceeds from future Industrial Centrum lot sales.
The Orange City Council approved an updated memorandum of understanding (MOU) with the Orange City Development Corporation (OCDC) that reorganizes how infrastructure costs and land sale proceeds will be handled for the Industrial Centrum and related city lots.
Ryan, presenting the item, said the updated MOU streamlines a 17-page agreement into about 10 pages and reflects changes made in prior years. He described a specific pricing change: some Industrial Centrum lots that had previously been valued at $110 per square foot were reassessed for particular parcels near 460th Street at much lower nominal sale amounts ("$2 and $3" per the presentation), a change that altered how infrastructure payback is calculated between the city and OCDC.
As part of the amended terms, the city will apply proceeds from future Industrial Centrum lot sales to repay $165,000 tied to the Highland Post lot; once those earlier paybacks are complete, new 2025 infrastructure cost terms will take effect. Ryan said OCDC executives and the OCDC chair (Daryl) reviewed and signed the agreement and the council approved the MOU.
Council discussion was procedural and supportive; special thanks were directed to staff who clarified financials. The council approved the resolution to accept the updated MOU by voice vote/roll call during the meeting.
