Title
Corridors of Opportunity Rehab Loan and Community Development Grant to E-Fix Development Corporation for 2023 Beatties Ford Road
Action
Action:
A. Authorize the City Manager to negotiate and execute a Community Development Grant agreement with E-Fix Development Corporation (Developer) in an amount not to exceed $250,000 for costs associated with revitalizing the property located at 2023 Beatties Ford Road (the Property), which will facilitate the rehabilitation of an aging building and the preservation of a historic neighborhood, and
B. Approve a Rehab Loan in an amount not to exceed $500,000 to the Developer for rehabilitating the Property.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Todd DeLong, Economic Development
Explanation
* In 2007, City Council adopted the policy for the city to take a leadership role in developing and implementing public and private collaborative strategies and investments that aim to:
* Attract private sector investment to grow jobs, businesses, and services;
* Expand the tax base in the business corridors; and
* Support the revitalization of the corridors into mixed use areas promoting the adjacent neighborhoods as safe, viable, and sustainable.
* In 2020, City Council enhanced the city's commitment to corridor revitalization through the Corridors of Opportunity initiative.
* The city is concentrating its resources at the intersection of Beatties Ford Road and LaSalle Street by investing and facilitating initiatives in specific locations within each corridor to ensure long-lasting and positive impacts are realized sooner than they would be through a piece-meal approach. This includes work in transportation and infrastructure, talent and employment, public Wi-Fi, placemaking, etc.
* The Developer acquired the Property, which is located in Council District 2, in April 2020.
* The Property is a commercial strip center that was built in 1971 and has approximately 6,600 square feet.
* The Developer proposes ...
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