Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Development Reimbursement topic
No spam. Unsubscribe anytime.
Council approves $2M developer reimbursement tied to Cinemark anchor completion
Summary
The council authorized staff to process a $2,000,000 reimbursement for Avawidge Drive infrastructure once the developer provides a certificate of occupancy for the entertainment anchor (GameScape/Cinemark); funding will come from TIRZ/TIRS and impact fees as allowed by zone rules.
City Manager Summer explained a second reimbursement tied to the Avawidge Drive improvements. The $2,000,000 pay‑out is contingent on the developer completing the entertainment anchor (GameScape by Cinemark) and delivering a certificate of occupancy; the TIRS board earlier approved $1,000,000 and the remainder will come from roadway impact fees collected in the specific zone and water/wastewater impact fees when eligible.
"Once that CO is issued and in my hand then you guys will be authorizing me as a city manager to go ahead and process this $2,000,000 payment," Summer told council, noting the agreement deadline and the zone constraints that require impact fees to be spent within the originating roadway zone. Council moved to approve the ordinance and the motion passed unanimously. Staff emphasized the reimbursement complies with the earlier 2024 agreement and that change orders were not required for the currently budgeted FF&E items tied to the project.
