Description
Owner intends to develop the Property in phases as an integrated mixed-use project containing light industrial and commercial. The Property comprises the “West Parcel” generally identified as the west approximately 28.03 acres of the Property adjacent to Bullard Avenue and the “East Parcel” generally identified as the east approximately 43.45 acres of the Property adjacent to the east boundary of the West Parcel. The West Parcel is intended to be developed as a retail facility owned by a nationally recognized large retail user (“Retail User”) with at least 53,000 square feet of retail space and with at least 75 fueling/charging positions (the “Retail Project”). The East Parcel is intended to be used for light industrial uses with the Owner reserving a total of 7.5 acres on a portion or portions of the East Parcel to solely pursue General Commercial uses for a period of 18 months. The Agreement sets forth the terms and conditions pursuant to which the Owner or Retail User will dedicate certain rights of way and construct full street improvements for a public street running east and west between Bullard Avenue and 143rd Avenue and full street improvements for a public street running north and south along the border of the West Parcel and the East Parcel (“Road Improvements”). The City believes that the development of the Property will bring substantial sales tax revenues significant job creation, and therefore is willing to reimburse 50% of the sales taxes collected for taxable activities conducted on the Property to reimburse the party or parties their proportionate share of the actual costs of public infrastructure to construct the Road Improvements up to a maximum reimbursement. The Development Agreement for Reimbursement of Road Improvements requires the City to reimburse the party that constructs the designated public roadway improvements for those final costs, expenses, and fees incurred up to a maximum reimbursement. The City shall deposit 50% of the sales collected for taxable activities conducted on the property into a reimbursement account on a monthly basis. Within 30 days of the end of each fiscal quarter the City shall pay the amounts in the reimbursement account to the party that constructs the public roadways until the party is fully reimbursed their actual costs up to a maximum reimbursement or until the expiration of the Agreement. The estimated reimbursement is approximately $7.1 million with an estimated maximum reimbursement of $8.6 million.