Title
Request for Incentives for Stadium Club Project (B)
Explanation
Stadium Club is a proposed eight story, twenty four residential unit project with nearly three thousand square feet of commercial space. The project site, located at 1802 West University Avenue, is a total of 0.25 acre and the former location of Papa Johns Pizza, Sloppy Gator, and Smoothie King. The developers Sharon Stock and Phillip Stock of Stock Real Estate Developers, Inc. have submitted an incentive request to the College Park University Heights (CPUH) Redevelopment Board under the College Park University Heights Redevelopment Incentive Program Board. The developer is requesting 100% of the increment generated by the project for the first five years, the full value of the property, or approximately $1,129, 969 in incentives for this project.
In November 2006 the developer addressed the College Park University Heights Redevelopment Advisory Board to provide initial background information and schematic design for general feedback. After the board meeting a formal application was submitted to staff, November 14, which was subsequently sent to a third party reviewer, Mr. Michael Warren of AMJ, Inc. Mr. Warren sent a letter to staff after his review and indicated that the application "provided by the developer, although consisting of nearly forty pages, is essentially devoid of relevant financial detail necessary to make an informed decision about an incentive grant." The letter was shared with the applicant.
On February 13, 2007, Stock Real Estate Developers provided additional documentation, which again was sent to Mr. Warren for his review. The consultant in a letter dated February 24, 2007 stated that the new material provided does "nothing to rectify that situation, and unfortunately muddies that waters by identifying a significant construction cost increase which vastly increases risk to the development. There is no reason to change the initial recommendation that the re...
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