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Commission to review Shoma's $1.5 million payment proposal in place of earlier $5M reductions
Summary
Staff said Shoma offered $1.5 million (two $750,000 payments) to resolve earlier reductions in community contribution and workforce-housing obligations; the commission will consider the developer's proposal at its June 17 meeting and will require proof that Publix remains committed and a construction loan is in place.
Staff summarized a proposal from Shoma that the commission will hear on June 17: the developer offered to pay $1,500,000 in lieu of an earlier $5,000,000 in reduced community contributions and workforce housing. The proposed $1.5 million would be delivered as two payments of $750,000 (one at shell completion and one tied to issuance of an occupational license), and the developer must show evidence that Publix remains committed and that a construction loan is in place.
"At the last commission meeting, it was voted in a 3' 2 in favor of reaching a potential agreement with Shoma, whereby they will pay $1,500,000 of the reduction that was taken at time of the site plan approval instead of the 5,000,000," Speaker 1 said. Staff added that Shoma must also pay all outstanding permit fees and impact fees separately from the $1.5 million.
Legal staff are reviewing updated documentation; commissioners discussed the trade-off between recovering some contribution revenue now versus risking a stalled project if the developer is forced to pay the full original reductions.
