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Council approves $4.3 million forgivable loan to COTA Holdings for road and industrial development
Summary
The council approved a $4,300,000 forgivable loan to COTA Holdings, conditioned on construction of 150,000 sq ft of space, a minor collector road connection, and bringing property forward for rezone; Councilman Weaver recused and the item passed 5–0.
Midlothian council voted to approve an economic development performance agreement with COTA Holdings, LLC that includes a $4.3 million forgivable loan to support construction of about 3,700 linear feet of Hayes Road and to prepare roughly 170 acres for light industrial development.
Kyle told council the loan will fund both design and construction work; forgiveness of the loan is conditioned on the developer completing three items: construct 150,000 square feet of space, build a minor collector connecting Long Branch to the new major collector, and bring a portion of property forward for rezone. Kyle said the package is intended to attract primary job employers and diversify product types in the community. Councilman Weaver recused himself because of a family connection; the remaining council members approved the agreement 5–0.
The agreement includes property collateral clauses to secure the city’s financial interest if the developer fails to meet the three conditions. Council discussion noted the project aligns with the comprehensive plan and that staff and the MED board vetted the proposal before referral to council.
