STRATEGIC PRIORITY: Economic Development
AGENDA DATE: August 28, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
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Authorize an economic development incentive agreement with Onu Ventures, Inc. and/or its affiliates ("Developer/Grantee"), and The Adaline at Bonnie View, LLC, and/or its affiliates ("RP Owner"), to include: (1) a real property tax abatement ("RP Tax Abatement") for a period of ten years in an amount equal to the City's taxes assessed on ninety percent of the added taxable value of Property; and (2) a Chapter 380 Economic Development Grant ("Grant") in an amount not to exceed $3,500,000.00, in consideration of The Adaline Mixed-Income Multi-Family Residential Project to be situated on approximately 10 acres currently addressed as 4343 and 4425 Riverside Road ("Property") in accordance with the City's Economic Development Incentive Policy - Not to exceed $3,500,000.00 - Financing: Public/Private Partnership Fund; Estimated Revenue Foregone: $3,972,780.00 over a ten-year period
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BACKGROUND
Over the past year, the Office of Economic Development staff, along with the City's independent outside underwriter, have been extensively reviewing the proposed The Adaline Mixed-Income Multi-Family Residential Project "Project" and an associated incentive application submitted by the Developer/Grantee. In consultation with the City's independent outside underwriter, staff structured the proposed incentive as gap financing to make the Project financially feasible and negotiated a detailed Letter of Intent ("LOI") with the Developer/Grantee. On May 31, 2024, the Developer/Grantee accepted staff's proposed incentive and executed the LOI. The Resolution accompanying this agenda item contains the detailed terms and conditions of the negotiated economic development incentive agreement.
The Adaline at Bonnie View, LLC, and/or its a...
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