Explanation
Background: Trident Broad Development LLC (the “Developer”) through its affiliate owns or controls ±84 acres of real property located at 6200 E. Broad Street 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 with amenities, 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 (collectively, the “Project”). In adherence to the City’s policy goals, the Developer is committed to (i) developing the residential units of the Project with inclusive housing affordable to households below the area median income, (ii) establishing a cohesive system of shared use paths throughout the Site connecting to adjacent locations including the neighborhood located to the north of the Project and the parcels south of the Project to be the potentially redeveloped, and donating land to the City for the design and construction of public infrastructure improvements on the Site. The Department of Development will also submit for City Council consideration additional legislation to: (i) create a new community reinvestment area to support the inclusive housing, (ii) enter into one or more enterprise zone agreements to support the office, industrial and non-retail commercial portions of the Project, and (iii) appropriate and authorize the expenditure of TIF funds from the Lucent Incentive and Lucent Commercial TIFs adjacent to and overlapping the Site to finance the public infrastructure improvements necessary to develop the Project including an extension of Westbourne Avenue and McNaughten Road. This legislation authorizes the Director of the Department of Development to enter ...
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