CC MEETING: July 11, 2017
DATE: June 29, 2017
TO: Erin Rinehart, City Manager
FROM: Ravi Shah, Director of Development Services and Krystle Nelinson, Development Program Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With A-S 122 Carrollton Town Center, LP At 2540 Old Denton Road, Suite 154 In An Amount Not To Exceed $55,000.00.
Body
BACKGROUND:
NewQuest Properties is the owner of Carrollton Town Center, which is located at the southeast corner of President George Bush Turnpike (PGBT) and Old Denton Road. It is anchored by 99 Ranch Market. NewQuest recently invested $7.7 million to update the center and upgrade the building fa?ades. The City Council approved a $750,000 grant in 2014 through the Retail Rehabilitation Grant Program to aid in the shopping center update. The center is nearly 100% occupied.
NewQuest has requested a grant for the renovation of 2540 Old Denton Road, Suite 154, which is a vacant out-parcel building on the property's PGBT frontage. The building was most recently occupied by a Verizon retail store, which has moved into a lease space in the main shopping center building. NewQuest would like to renovate the building to match the rest of the shopping center's fa?ade and lease it. The renovation project's total budget is $550,000.
FINANCIAL IMPLICATIONS:
In accordance with the Retail Rehabilitation Grant Program, the property is eligible for a grant not to exceed $55,000. The grant is receipt-reimbursement based. Funding is available in the General Fund account for the Retail Rehabilitation Program.
IMPACT ON COMMUNITY SUSTAINABILITY:
In accordance with the economic development plan of enhancing the tax base through redevelopment, this project meets all criteria. The redevelopment of this building will generate additional tax revenue and enhance the economic viability of the surrounding area.
STAFF RECOMMENDATION/ACTION DESIRED:
The City Council...
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