Title
Resolution authorizing an Urban Development Investment Forgivable Loan, not to exceed $150,000.00 in total, to AZ Development, LLC for the redevelopment of properties at 120 W Lewis St and 215 W Lewis St
Body
Department: Executive
Council District: 1 and 2
Public Hearing: 11/17/15
Advertising Date/By:
Contact 1 and Phone: Jim Westmoreland, City Manager - 373-2002
Contact 2 and Phone: Kathi Dubel, Manager - EDBS - 373-4579
PURPOSE: The City of Greensboro has been requested to consider a Downtown Urban Development project forgivable loan not to exceed $150,000.00 to AZ Development, LLC for the redevelopment of properties at 120 W. Lewis St and 215 W. Lewis St. This forgivable loan will be used for the purposes of assisting in the demolition, renovation, and upfit of the building at 120 W. Lewis St and for site improvements at 215 W. Lewis St. This assistance will enable both a long-term blighted property and a property with a pattern of problematic use to be renovated and upgraded to productive service that is complimentary to projects already completed and underway in the Lewis Street Corridor, thereby furthering the revitalization of Greensboro and the commercial prospects of the Central Business District.
BACKGROUND:
The planned revitalization of the buildings at 215 W Lewis St and 120 W Lewis St are critical parts of a catalytic vision for the Lewis Street Corridor undertaken by AZ Development that includes four (4) contiguous properties and one additional building in close proximity, all with proposed complimentary uses. AZ Development, LLC intends to invest $700,000.00 of private capital for the purchase and up-fit of 215 W Lewis St and $1,400,000.00 of private capital for the purchase and upfit of 120 W Lewis St for a total minimum new investment pledged along the Lewis St corridor of $2,100,000.00 spread across these two properties, inclusive of the City's $150,000.00 loan. At least 3 new full-time equivalent jobs will be c...
Click here for full text