Development Services - Office of Economic GrowthOEG-22-1039District 1
Approved minutes
Approved that the County Attorney’s Office be requested to review the matter and provide a recommendation on what steps to take next to recover the property.
David Engel The public master road system is a $70.1 million dollar project. That's uh sanitary sewer potable water, reclamation lines, and roadways. And the developer has requested some assistance because we want to accelerate creating a development ready environment in the employment center. And we're proposing to provide $46.2 million in ad valorem equivalency grants. That's a form of a rebate. The developer pays taxes in year one and gets rebated a portion of the taxes in year two, which is $33. 3% for most of the development and 20% for the multifamily. The project completion of all the $70 million worth of infrastructures in three phases with a terminating target date of December 31st, 2028. The employment and center incentive is very simple. The developer is proposing to put uh construct at least one million square feet of industrial office building or industrial buildings as its first phase, and they're seeking help with the master utility system, which will be $9.6 million. This is the most economic incentive that we provided to date. The Rooker project, for example, which we provided Pads and Poor's funding, was $9. and eighty cents a square foot and this is nine dollars and sixty cents a square foot.