Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to execute an amendment to the Economic Development Agreement dated April 19, 2024 (the “EDA”) between the City and WestBend QOZB, LLC (the “Developer”). The EDA outlines certain mutual commitments of the City and the Developer as it relates to the redevelopment of the former Buckeye Auto Parts site on McKinley Avenue known as WestBend. Pursuant to the EDA, the Developer agreed to construct 20,000 square feet of office space (“Office Space”), including 10,000 square feet of business incubator space (“Incubator Space”), approximately 750 apartment units (“Apartments”), up to 8,000 square feet of retail uses (“Retail”), and a public park with a lagoon, dog park, public kayak launch and trails/bike paths (collectively, the “Project”). The EDA outlined certain commitments and deadlines related to the Office Space and Incubator Space. Due to on-going conditions in the commercial office market and lender concerns about the feasibility of financing new office space, the Developer has requested that the City amend the EDA to remove all of Developer’s obligations related to the Office Space and the Incubator Space. In lieu of completing the Office and Incubator, the Developer has now agreed to fixed deadlines to commence and complete the Apartments. This amendment to the EDA will allow the Developer to close on financing for the Project and meet all other commitments outlined in the EDA.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to execute an amendment to the Economic Development Agreement dated April 19, 2024 between the City and WestBend QOZB, LLC to remove the developer’s obligations related to the construction and delivery of office space in association with the WestBend project provided that the developer assumes the new obligation to deliver the apartments by a certain deadline to...
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