CC MEETING: February 21, 2017
DATE: February 14, 2017
TO: Erin Rinehart, City Manager
FROM: Thomas Latchem, Director of Economic Development
Title
Consider An Amendment To The Economic Development Incentive Agreement With Josey/Trinity Mills, Ltd.
Body
BACKGROUND:
Josey/Trinity Mills, Ltd. is a limited partnership managed by Cencor Realty. It owns and manages the Trinity Valley Shopping Center, which is located at the northeast corner of PGBT and Josey Lane. The partnership has requested that their incentive agreement dated January 12, 2016, be amended to provide additional time for the completion of the construction and the issuance of the certificate of occupancy for the proposed Winco Foods building being constructed on the site of the former Target building.
The additional time is being requested due to unforeseen setbacks in removing 137 piers which supported the former Target building in order to properly prepare the site for construction of the new Winco Foods building.
The incentive agreement between Josey/Trinity Mills, Ltd. and the City provides Josey/Trinity Mills, Ltd. with a reimbursement of up to 50% (not to exceed $350,000) to offset the costs associated with the demolition of the former Target building.
The amended date of occupancy is reflected in changes to the following sections of the Agreement:
Per Article II, Term, of the incentive agreement, the original Term of the Agreement was to have run from the effective date and continue until June 30, 2017, unless sooner terminated as provided. The amended term will run until June 30, 2018, unless sooner terminated as provided.
Per Section 3.1 of the incentive agreement, occupancy of the newly constructed Winco Food building was to have taken place no later than June 30, 2017, (as referenced above), as evidenced by a certificate of occupancy (or applicable equivalent). The amended term will extend the occupancy date until June 30, 2018, as evidenced by a certificate of...
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