Business Retention and Development Committee Agenda and Packet 2015 10 05

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SUBJECT: DATE: ECONOMIC DEVELOPMENT UPDATE OCTOBER 5, 2015 PAGE2OF2 If the LRC decides to acquire and then dispose of property, either through eminent domain or voluntary agreement, City Council approval would be needed under the terms of the Urban Renewal Plan. Under the Urban Renewal Law, an urban renewal authority is authorized to dispose of real property in an area to private persons only under reasonable competitive bidding procedures determined by the authority. Under these provisions, a request for proposals (RFP), for which public notice by publication is required, is used to solicit proposals for redevelopment from interested persons. The urban renewal authority then considers the redevelopment proposals received and may negotiate with any person for a redevelopment agreement that includes provisions for acquisition and transfer of property. Under these and related provisions, urban renewal authorities have the power to condemn property to remove blighting title conditions and then transfer the property subject to covenants, conditions and restrictions as are in the public interest or necessary to carry out the plan. As noted above, any redevelopment agreement of the LRC is subject to City Council approval. McCaslin Marketplace Signature Partners announced two new tenants in 994 Dillon Road, the redevelopment along Dillon and McCaslin. Smashburger and Mad Greens are the first signed leases into the multi- tenant building. Additional leases are in negotiations and more announcements will be coming soon. DELO Phase II The subdivision agreement between DELO and the City is complete. Infrastructure for the second phase will begin soon. NAI Shames Makovsky has been engaged to market the commercial building. DELO Plaza Tebo Properties will soon submit for building permit on their 25,000 sf retail project at South Street and Highway 42. 1501 Empire Road Lease City and Human Movement are wrapping up the lease for 1501 Empire Road, the former City Shops building. Human Movement will be taking a long -term lease for the entire property, encompassing 20,000 sf of leasable area over 3.6 acres. Property Closings ED Staff is working on several property closings this last month. The Grain Elevator, Tebo parking lot, and the Lucky Pie Sale are all slated for October closings.