Ordinances-2024-511 - 2024 Urban Renewal Area

revenues to be derived from the Dog Resort Property. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the Infrastructure Project will not exceed $90,000, plus the Admin Fees. B. Name of Project: Honey Lane Development, LLC Project Date of Council Approval of Project: June 4, 2024 Description of the Project and Project Site: Honey Lane Development, LLC (the “Developer”) has proposed to undertake the development of a portion (the “Honey Lane Property”) of the Property (as defined in Section 1 of this Amendment) for future commercial uses (the “Commercial Project”). The Developer will undertake the construction of certain public infrastructure improvements (the “Infrastructure Project”) necessary to support the commercial development of the Property. It has been requested that the City provide tax increment financing assistance to the Developer in support of the efforts to complete the Infrastructure Project. The costs incurred by the City in providing tax increment financing assistance to the Developer will include legal and administrative fees (the “Admin Fees”) in an amount not to exceed $8,000. Public Infrastructure Upsizing: The City will reimburse the Developer for the costs of upsizing certain water mains and street improvements being constructed in connection with the Infrastructure Project. Description of Use of TIF for the Project: The City intends to enter into a Development Agreement with the Developer with respect to the construction of the Infrastructure Project and to provide an economic development grant (the “Grant”) to the Developer thereunder. The Grant will be funded with either borrowed funds and/or an internal advance of funds on-hand. In any case, the City’s obligations entered into to fund the Grant may be repaid with incremental property tax revenues to be derived from the Property. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the funding of the Grant and the Admin Fees will not exceed $250,008 plus any interest expense incurred by the City on any borrowing undertaken for the funding of the Grant. The City will pay the costs of the Upsizing Project with either borrowed funds and/or an internal advance of funds on-hand. In any case, the City’s obligations may be repaid with incremental property tax revenues to be derived from the Urban Renewal Area. It is anticipated that the City’s total commitment of incremental property tax revenues with respect to the Upsizing Project will not exceed $150,000, plus any interest expense incurred by the City on any borrowing undertaken to pay the costs of the Upsizing Project.