CC MEETING: March 25, 2025
DATE: March 7, 2025
TO: Erin Rinehart, City Manager
FROM: Chris Szymczyk, Economic Development Manager
Ravi Shah, Executive Director of Development
Shannon Hicks, Assistant City Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With Nnamdi Holding, LLC For The Renovation Of 2741 E. Belt Line Road In An Amount Not To Exceed $88,419.45.
Body
BACKGROUND:
The property owner of 2741 E. Belt Line Road has requested a grant through the Retail Rehabilitation Grant Program for the renovation of the building.
The total construction cost has been estimated by the architect to be approximately $893,220.00. The plans include an exterior façade remodel, lighting and signage improvements, redesigned landscaping, parking lot enhancements, new painting, metal railings, and structural adjustments. These improvements will be seen from Belt Line Road and Marsh Lane.
The City Council Re-Development Committee has reviewed the proposal and determined that it meets the eligibility requirements of the Retail Rehabilitation Grant Program. Grants under this program are performance-based. The Committee recommended a grant amount not to exceed $88,419.45. This is fifteen percent (15%) of the $589,463.00 eligible estimated line item construction cost, as submitted by the applicant.
FINANCIAL IMPLICATIONS:
By recommendation of the City Council Re-Development Committee, the property owner is eligible for a grant not to exceed $88,419.45. The grant is receipt-reimbursable. Funding is available in the program account.
IMPACT ON COMMUNITY SUSTAINABILITY:
This project will enhance the City’s economic base by renovating a building located in a major street corridor. The renovation and upgrades to 2741 E. Belt Line Road will generate additional tax revenue and enhance the economic viability of the retail district along Belt Line Road, Marsh Lane, and the surrounding area.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approval of a resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with Nnamdi Holding, LLC for the renovation of 2741 E. Belt Line Road in an amount not to exceed $88,419.45. The Re-Development Committee unanimously recommended approval of this grant at its Feb 4, 2025, meeting.