Title
Camp North End Infrastructure Reimbursement
Body
Committee Chair:
James Mitchell, Economic Development
Staff Resource(s):
Debra Campbell, City Manager’s Office
Patrick Mumford, Economic Development
Time: 15 minutes
Explanation
§ Staff has been in discussions with the developer of the Camp North End site (formerly known as the Rite Aid and Hercules site) regarding a partnership opportunity to use a portion of the Applied Innovation Corridor Community Investment Plan funds to reimburse the developer for certain infrastructure improvements.
§ At build-out the Camp North End redevelopment could include up to 280,000 square feet of retail and entertainment uses, 1,500,000 square-feet of office space and 1,500 multifamily units. In total, the development is estimated to increase the tax base by nearly $600 million.
Future Action
City Council will be asked to approve a Memorandum of Understanding for the project at the September 25 Business meeting.