TO: Mayor Richard C. Irvin
FROM: David Dibo, Director of Economic Development
DATE: August 23, 2021
SUBJECT:title
Summary of Anticipated Amendment and Modification of Previously Approved Redevelopment Agreements.
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PURPOSE:
The purpose of this summary is to provide information about anticipated staff proposals forthcoming to the City Council to modify, amend, or add financial incentives for certain high impact businesses and developments that have been directly impacted by the Covid virus. These are for RDAs currently in place that the City has supported or new RDAs for other key businesses/projects. Staff will bring forth actionable documentation as terms are fully correct and vetted and negotiated over the next several weeks and will not wait for all recommendations to be in place before seeking individual approvals. Future proposed resolutions if approved will assure that certain businesses and entrepreneurs that have previously invested in the City are completed or supported so that they remain or become revenue producing commercial anchors that will in turn attract other businesses spurring a cycle of measurable economic progress that builds on pre-Covid momentum and successes.
BACKGROUND:
While the City was able to assist a number of smaller businesses through previously approved initiatives including STABLE and CERF programs and other efforts, circumstances such as size of project, stage of development, eligibility requirements or other factors contributed to the forthcoming recommendations that will be brought forward individually or in small clusters to City Council.
Staff was anticipating that some or a majority of these needs would be covered by the recently enacted Coronavirus State and Local Fiscal Recovery Funds federal legislation and some of this is a select possibility but the specified and evolving parameters on these funds appear too narrow to meet most of these needs. Work is however underway to utilize these newly obtained Federal...
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