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Council sets public hearing for Southwest Bypass urban-renewal amendment tied to Cambridge project
Summary
Staff said the council would hold a public hearing to add the Cambridge project to the Southwest Bypass urban-renewal area; staff noted a $48,750 forgivable payment made in 2023, use of 405 FTEs as a baseline and an additional 143 jobs linked to award adjustments.
Staff updated the council on an amendment to the Southwest Bypass urban-renewal plan that would incorporate the Cambridge development and allow the city to advance a development agreement.
The presenter (S2) said the amendment is largely procedural to place the project into the urban-renewal area; the related development agreement remains under negotiation pending several blanks (dates and a final sum for a $43,700 line item that staff suggested should read $50,200.43). Staff confirmed a previously made forgivable payment of $48,750 (incurred in 2023) is part of the project accounting and not an additional future payment.
Staff also said Cambridge submitted an application tied to 405 full-time-equivalent employees and that an additional 143 qualifying employees are part of performance-based award calculations; council members asked for clarifications and confirmed a public hearing would be scheduled for the next meeting.
Next steps: staff will finalize dates and the development agreement details for council consideration and hold the public hearing on the amendment at the next regular meeting.
