Explanation
Background: Trident Broad Development LLC (the “Developer”) owns (more or less) 77 acres of real property located at 260 Taylor Station Road near the intersection of Taylor Station Road and Westbourne Ave on the former Lucent Technologies, Inc. manufacturing, distribution, and office site (parcel ID number 520-269045, the “Site”). The Developer is proposing to invest approximately $60,000,000 on the Site to construct approximately 240 multi-family residential rental units including affordable housing units, two industrial buildings of approximately 200,000 to 225,000 square feet of warehouse space, and another building with approximately 40,000 to 60,000 square feet of flex office space (collectively, the “Project”). Pursuant to Ordinance No. 2046-2022 passed by City Council on July 18, 2022, the City and Developer entered into an Economic Development Agreement that contemplated the City would, among other things, appropriate and authorize the expenditure of certain tax increment financing adjacent to and overlapping the Site established by Ordinance No. 1159-2005 (the “E. Broad TIFs”) to finance the public infrastructure improvements necessary to develop the Project.
The Department of Public Service has submitted Ordinance No. 0472-2024 to enter into contract with Trucco Construction Company, Inc. for the Roadway - Westbourne Avenue Extension project (the “Public Roadway”) and to provide payment for construction and inspection using the E. Broad TIFs. The Economic Development Agreement further plans, as a cost savings to the City, for the Developer to cause the design and construction of shared stormwater basins on the Site serving both the Project and the Public Roadway on the condition that the City would reimburse the Developer certain costs on an agreed prorated basis using the existing E. Broad TIFs. This legislation authorizes the Director of the Department of Development to enter into a Tax Increment Financing Agreement with the Developer an...
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