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Council approves Rosemont Town Center incentive resolution and joint CDC project
Summary
Council approved resolutions authorizing a joint project and economic development incentive agreement with BVE Anna NEC SPE LLC for Rosemont Town Center. Staff described deal points and councilmembers praised the staff for securing a large development opportunity; the votes were unanimous.
The council approved a set of resolutions to authorize an economic development incentive agreement between the city, the Anna Community Development Corporation and BVE Anna NEC SPE LLC for the Rosemont Town Center development.
Economic development staff said the resolutions adopt the deal points in the materials provided at each council seat and described the next administrative steps: execution by the developer, then review by the CDC. Director of Economic Development Natasha Roach told council the resolution reflects the agreement prepared for council action and staff stood ready to answer questions. A councilmember praised staffs work and flagged projected tax revenue figures discussed during the meeting as evidence of the project's scale.
Council voted to approve the package (items e, f and g) unanimously. Staff said developer signatures and CDC action are the next steps before agreements are finalized and any incentives are paid under the approved terms.
