Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Emc Funding Request topic
No spam. Unsubscribe anytime.
RDA approves up to 10% support, capped at $30,000, for EMC Properties remodel at 1115 16th Avenue
Summary
The Monroe Redevelopment Agency voted to approve financial support for EMC Properties LLC’s four-unit remodel at 1115 16th Avenue, adopting a formula of 10% of total project cost with a $30,000 cap; payment will be made after project completion on submission of invoices.
The Monroe Redevelopment Agency on a recorded motion approved financial support for a four-unit remodeling project at 1115 16th Avenue proposed by EMC Properties LLC, adopting a formula of 10% of the total investment with a maximum payment of $30,000.
Administrator Wendy presented the developer request and a memo offering different bases for calculating support — per-unit, added tax value, ADA improvements or a percent of project cost — and said the city attorney provided a draft developer's agreement that the board could use as a starting point. "He took the basis of I believe it was 5,000 for 1 unit added. So it would be a total of 20,000. So you can reflect or change that," Wendy said, noting the board could select a different basis.
Board members debated the risk of setting precedent and discussed administrability. "If you want, like, a 10% of the project cost up to this dollar amount ... that makes it simple and easy," one member said. Ron Spielman moved the proposal to approve up to 10% of the investment with a $30,000 cap and to have the remainder of the agreement prepared by the city attorney and reviewed by city staff. "So then I'd be much more in favor of providing a motion that provides up to 10% of the investment with a $30,000 cap," Spielman said.
Wendy described the payment mechanics the board favored: payment would be made only after project completion and on submission of invoices or other proof of expenditures. "At the end of it, when they submit, if it comes in at only 200,000, we'll pay 20,000. If it comes in at 300, we'll pay the 30 or wherever that 10% lies," Wendy said.
The clerk conducted a roll-call vote. The transcript records "Aye" votes from Ron Spielman, Corey Coonert and Ron Markham; the chair announced the motion passed. The record in the transcript does not clearly capture every member's individual vote in the roll call segment.
Next steps: staff will finalize the developer agreement language with the city attorney to reflect the 10% formula and $30,000 cap, include payment-after-completion and invoice requirements, and return a final agreement for administrative processing.
