Title
Resolution Authorizing an Economic Development Grant from the City of Greensboro to Durban Acquisitions, LLC, for Commercial/Retail Development in the Ole Asheboro Redevelopment Plan Area
Body
Department: Planning
Council District: 2
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Sue Schwartz, 373-2149
Contact 2 and Phone: Dyan Arkin, 433-7377
PURPOSE:
City Council approval is requested for an economic development grant (the Grant) for Durban Acquisitions, LLC, or assigns (Durban), in an amount not to exceed $49,000.00 for support of construction of a commercial/retail building not to exceed 10,000 square feet within the Ole Asheboro Redevelopment Plan area.
BACKGROUND:
In July 2013, after approval by the Redevelopment Commission, City Council approved the sale of 1.5 acres consisting of all of 601 Martin Luther King Jr Drive and a portion of 605 Martin Luther King Jr Drive for $182,500 from the Commission to Durban Acquisitions, LLC, or assigns, for construction of a commercial/retail building with the following conditions:
1. Property shall be used for commercial/retail use;
2. Property shall be conveyed by special warranty deed;
3. All site plans and building plans shall be subject to approval by the Redevelopment Commission of Greensboro;
4. Any zoning relief for intended use shall be subject to approval by the Redevelopment Commission of Greensboro;
5. Proposed use shall be subject to approval by the Redevelopment Commission of Greensboro and the following uses are prohibited;
* Uses that allow on site alcohol consumption;
* Adult entertainment, adult product sales or sexually oriented businesses;
* Gambling/sweepstakes/lottery operations;
6. All building facades visible from Martin Luther King Jr. Drive and Douglas Street shall be a masonry material (brick or architectural block), synthetic stucco or a combination of these materials;
7. Buyer shall deposit 5% bid deposit with balance of purch...
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