Title
Ordinance in the Amount of $30,000 Amending the City's FY 14-15 Economic Development Fund Budget for the Appropriation of Funds to Reimburse Kotis Holdings, LLC for Site Preparation Costs on a Site Located at 200 Willowlake Road
Body
Department: CMO
Council District: 1
Public Hearing: Yes
Advertising Date/By: July 24, 2014
Contact 1 and Phone: Andy Scott, Assistant City Manager, 373-2002
Contact 2 and Phone: Kathi Dubel, 373-4579
PURPOSE:
The purpose of this ordinance is to appropriate funds from the FY 14-15 Economic Development Fund Budget to reimburse Kotis Holdings, LLC in the amount $30,000.00 for site preparation costs on a site located at 200 Willowlake Road.
BACKGROUND:
On September 3, 2013, the City Council approved an economic development incentive grant in the amount of $311,911.00 by Resolution 256-13. The grant would reimburse Kotis Holdings, LLC for off-site public water & sewer infrastructure improvements necessary to facilitate the commercial development of a site located at 200 Willowlake Road to be annexed into east Greensboro. Total estimated cost of providing these off-site public water & sewer infrastructure improvements was estimated at $311,911.00 in January 2011. Kotis Holdings requested an increased incentive grant to adjust for inflation. This estimate amount has been adjusted for inflation based on the consumer price index to $329,833.33, an increase of $17,972.33. Kotis Holdings has also requested an additional $30,000.00 for other site preparation costs. The proposed development is expected to bring new retail investment and jobs to an area of Greensboro that is currently underserved.
The new retail project will be required to create at least 8 new full-time equivalent jobs by August 20, 2017 as a condition for receiving this reimbursement. This accounts for an additional new full-time equivalent job from that required in Resolution 256-13 in exchange for the increased grant.
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