Title
Resolution amending Resolution 256-13 authorizing a reimbursement to Kotis Holdings, LLC for the design and construction of off-site public water & sewer infrastructure improvements to facilitate commercial development and the recruitment of new jobs and retail to east Greensboro at a site located at 200 Willowlake Road by providing an inflation-adjusted reimbursement of $17,972.33 and an additional reimbursement of $30,000 for other site preparation costs, amended total not to exceed the amount of $359,833.33.
Body
Department: CMO
Council District: 1
Public Hearing: Yes
Advertising Date/By: July 25, 2014
Contact 1 and Phone: Andy Scott, Assistant City Manager, 373-2002
Contact 2 and Phone: Kathi Dubel, 373-4579
PURPOSE:
To amend the economic development incentive grant previously approved by Council on September 3, 2013, by increasing the reimbursement by $47,972.33.
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, 2...
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