Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with Gravity Project 3 Holdings, LLC (hereinafter the “Developer”).
The Development Team is proposing to construct a one-hundred and nineteen million dollar ($119,000,000) mixed-use development known as GreenHouse Gravity, that will include retail, residential units, and a structured parking garage with a mix of public and private parking spaces (the “Project”). The Economic Development Agreement (the “EDA”) will outline the plans and certain commitments of the Developer and the City as it relates to the Project.
The Developer will construct approximately three-hundred and thirteen (313) apartment units, with thirty-two (32) units as affordable at or below eighty percent (80%) Area Median Income (“AMI”), five thousand and three hundred (5,300) square feet of retail incubator space, a three hundred and twenty-four (324) space structured parking garage with a minimum of fifty (50) parking spaces open and dedicated to the public for a period of thirty (30) years.
The Department will submit for City Council consideration, all necessary legislation to authorize the Director to enter into one or more subsequent agreements with the Developer (such agreements, whether one or more, the “Subsequent Agreements”) to authorize City contributions totaling an amount not-to-exceed $4,000,000.00 (the “City Contribution”) for the purpose of reimbursing the Developer for certain eligible project costs that include the following: Public Parking Spaces, Public Infrastructure Improvements, Public Art and Place-making Improvements, and Inclusive Housing Units.
Emergency action is requested to allow the Developer to maintain the project schedule and move forward with closing on project financing with its lender, the commitment of which expires at the end of June 2023 and requires the approval of the City’s EDA.
FISCAL IMPACTS
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