CC MEETING: September 20, 2016
DATE: September 14, 2016
TO: Leonard Martin, City Manager
FROM: Krystle Nelinson, Development Program Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With TJW & Associates At 1110 South Elm Street In An Amount Not To Exceed $1,065.00.
Body
BACKGROUND:
B Street - a retailer of vintage and new furniture, home accessories, and gifts - has requested a grant incentive for the exterior renovations of 1110 South Elm Street in Historic Downtown Carrollton under the Retail Redevelopment and Rehabilitation of Aging and Underutilized Retail Facilities Program.
The exterior improvement's construction value is approximately $10,655.00, which includes the installation of new metal signage, additional exterior lighting, exterior painting, and the renovation and installation of an antique front door.
The property is located within a Neighborhood Empowerment Zone. Therefore, the waiver of building permit fees for the improvements and other contractor registration and licensing fees are included as part of this incentive package. All applicable building permits, contractor registrations and licensing must be obtained prior to the commencement of any construction work.
The building is owned by TJW & Associates. As such, the Economic Development Incentive Agreement for this grant will be entered into with TJW & Associates, and payment will be issued to TJW & Associates.
The TOD Sub-Committee unanimously recommended approval of this incentive agreement at their September 6, 2016 meeting.
FINANCIAL IMPLICATIONS:
Under the grant program, the building owner is eligible for a grant not to exceed $1,065.00 (being 10% of the improvement expenses to the exterior). Funding is available in the TOD Capital Account.
IMPACT ON COMMUNITY SUSTAINABILITY:
In accordance with the Economic Development plan of enhancing the tax base through redevelopment, this project meets...
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