Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development and the Director of the Department of Public Service, on behalf of the City to execute an Economic Development Agreement with Pizzuti MH LLC (“Pizzuti”) and Washington Oak Realty, LLC (hereafter referred to as “Encova Insuance”). A joint venture between Pizzuti and Encova Insurance (collectively, the “Developer”) is undertaking the phased redevelopment of several surface parking lots located within the general vicinity of Oak Street and Washington Avenue in the Discovery District. Upon completion, the phased development will deliver approximately 518 residential units and up to 15,000 square feet of retail space that will represent a total estimated investment of $96 million (the “Project”).
In support of the Project advancing City policy goals related to increasing the supply of housing units, the Department of Development and/or the Department of Public Service will: 1) submit for City Council consideration, a request in the City’s 2026 capital improvement budget to include funding for subsequent legislation authorizing a contribution of up to $1,650,000 for the purpose of reimbursing the Developer for costs associated with designing improvements to Oak Street from 9th Street to Lester Drive (the “Oak St (9th to Lester) Improvements”) and for costs associated with any necessary water and sewer capacity upgrades; 2) submit a request to include funding for costs to construct the Oak Street (9th to Lester Improvements) as part of the City’s 2027 capital improvement budget (“2027 CIB”) process; and 3) design and construct a 575-space public parking garage that will serve the parking needs of the Discovery District.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development and the Director of the Department of Public Service to enter into an Economic Development Agreement with Pizzuti MH LLC (“P...
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