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File #: 15-14539    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 10/28/2020 In control: City Council Business Meeting
On agenda: 11/9/2020 Final action:
Title: Corridors of Opportunity Rehab Loan to E-Fix Development Corporation for 2020 Beatties Ford Road
Attachments: 1. RCA - Location Map
Title
Corridors of Opportunity Rehab Loan to E-Fix Development Corporation for 2020 Beatties Ford Road

Action
Action:
A. Approve a Rehab Loan in an amount not to exceed $904,000 to E-Fix Development Corporation (Developer) for rehabilitating the property and building located at 2020 Beatties Ford Road (the Property), and

B. Authorize the City Manager to negotiate and execute a Business Matching Grant contract not to exceed $180,000 with E-Fix Development for fa?ade, security, and interior upfit improvements, contingent upon receipt of successful application by the Developer.

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, and other initiatives.
* The Developer proposes a full rehab of the interior and exterior space of the property currently referred to as Krystle Village located at the intersection of Beatties Ford Road and LaSalle Street.
* The Developer will apply for the city's Matching Grant Programs - fa?ade, securi...

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