Title
Update on Development Agreements and Requests for Incentives (NB)
Explanation
Staff has been asked to provide an update on the development agreements and incentive applications under review.
University Corners- The draft development agreement has been provided to the developer.
Hampton Inn/Lot 9 - The draft development agreement is in review by staff.
Jefferson on Second - The developer is preparing an initial proposed development agreement based on previous agreements, for review by the CRA Attorney and Staff.
University House on 13th Street Transformational Project Incentive Request - The CRA has received its first transformational projects application for the Fifth Avenue/Pleasant Street Community Redevelopment Area. The request is for University House on 13th Street, a 185 unit, approximately 500 resident student housing development, located on the northeast corner of NW 13th Street and NW 7th Avenue. The project consists of three four-story buildings and two three-story buildings. As part of this application, the developer is offering to make improvements to A. Quinn Jones School. The request is for 80% of the TIF generated by the project for 15 years. The application will be evaluated by an independent consultant. The Fifth Avenue/Pleasant Street Advisory Board will evaluate this application at their June 27 meeting and the CRA will consider the application on July 17.
Fiscal Note
None at this time
Recommendation
Executive Director to the CRA: Review update from staff.