Title
Resolution Approving a Participation Agreement with the South Elm Development Group LLC for Site Preparation to Support Redevelopment in the South Elm Street Redevelopment Plan Area in an Amount not to Exceed $323,111
Body
Council Priority: 1) Create an Environment to Promote Economic Development Opportunities and Job Creation; 2) Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Planning
Council District: 2
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Sue Schwartz - 336.373.2149
Contact 2 and Phone: Dyan Arkin - 336.433.7377
PURPOSE: The South Elm Street Redevelopment Plan, adopted in 2006, identifies potential development options for Redevelopment Commission-owned land located at the south intersection of South Elm Street and Gate City Boulevard. The Master Developer for the Commission, South Elm Development Group, LLC (SEDG), has proposed moving forward with site preparation on the west block, to include grading, utilities, and preparation for temporary staging and/or parking as required to support this development. In accordance with their Master Development Agreement, SEDG will administer this work under a Participation Agreement with the City, which requires Council approval.
BACKGROUND: To prepare the west block for temporary use during development of the east block, as well as for future development, the Master Developer has recommended commencing site preparation on the west block. The Master Developer has signed a Memorandum of Understanding with Rea Ventures, LLC, to develop apartments, structured parking, and commercial/retail space on the east block of the South Elm Street Redevelopment Plan area. Consideration of a Sales/Development Agreement is anticipated for early 2020, with construction to begin later in the year.
The established MWBE goals for this project are MBE 10% and WBE 8%. As part of the Master Development Agreement between SEDG and the Commission, SEDG has committed t...
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