TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Officer
DATE: January 7, 2014
SUBJECT: title
Resolution Authorizing the Execution of a Development Agreement with 210 N. Lake Street, LLC for 212 N. Lake Street and 221 Spruce Street (210 N. Lake Street, LLC - AU22/1-13.026-AG - SP - Ward 6)
body
PURPOSE:
Attached is a resolution authorizing the execution of a development agreement for 210 N. Lake Street, LLC., for the construction of a Save-A-Lot grocery store. Pursuant to the Agreement 210 N. Lake Street, LLC will receive a total of $600,000.00. Funding for the reimbursement will come from Tax Increment Financing District No 5. The initial reimbursement will be in the amount of $300,000.00 upon issuance of the certificate of occupancy for the opening of the Save-A-Lot grocery store, and then $75,000.00 annually for the next 4 years on the anniversary date of the certificate of occupancy.
BACKGROUND:
The property at 212 N. Lake Street, built in 1956, is a one story building directly at the northwest corner of Lake Street and Spruce Street and housed the former Walgreens Drugs which closed approximately five years ago due to the opening of other locations nearby.
The property at 221 Spruce Street, built in 1966, is a one story building directly at the northeast corner of Wilder Street and Spruce Street. This office building has been vacant for several years.
DISCUSSION:
Project: 210 N. Lake Street, LLC plans to acquire both the 212 N. Lake Street and 221 Spruce Street properties.
The existing commercial building, located at 212 N. Lake Street, will be renovated along with the construction of a 2,975 square foot addition to the west side of the building for a Save-A-Lot grocery store. The renovation will include upgrades to the electrical and plumbing systems as well as upgrades to the building which consist of adding additional windows along the Lake Street fa?ade, adding a new awning over the entrance area, tuck p...
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