Agenda Item Cover Sheet

Agenda Item #14.3

X

Regular Item

.

Consent Item

.

Workshop Item

Item Submitted By:

Kim Foutz, Director Economic Development

Council Meeting Date:

May 11, 2000

Director Approval:

.

City Manager Approval:

.

Item: Discussion and possible action on 1) A Resolution providing a grant to 301 Church Avenue, L.P. for an upgrade from concrete sidewalks to stamped, colored concrete sidewalks on Second and Boyett Streets between Church and Louise Streets for 301 Church Avenue, L.P.ís Dormitory, and 2) A grant agreement with 301 Church Avenue L.P.

Item Summary: The Resolution would authorize the grant of funds in the amount of $31,320.00 to 301 Church Avenue, L.P. for the purchase and installation cost for upgrading to stamped, colored concrete sidewalks on Boyett and Second Streets for the 301 Church Avenue, L.P. dormitory project (the Tradition dormitory). The grant agreement outlines the terms for accomplishing the upgrade.

Item Background: The Resolution will allow 301 Church Avenue, L.P. to receive a grant not to exceed $31,320.00 for the purchase and installation of stamped, colored concrete sidewalks on Boyett and Second Streets. In return, 301 Church Avenue, L.P. is making a $25,000,000.00 capital investment in Northgate. 301 Church Avenue, L.P. agrees to pay the base amount for standard concrete sidewalks. It is proposed that the City pay the additional costs to upgrade to stamped, colored concrete sidewalks. The $31,320 estimate was provided by 301 Church Avenue, L.P. This estimate is less than the estimate submitted by the Public Works Department. The Grant Agreement outlines the terms and specifications for receiving grant funds and the installation of the improvements with the funds received through this grant.

Budgetary and Financial Summary: The Fiscal Services Department has estimated annual net revenues of $200,000.00 per year generated by this prospect. Funds are available for the grant in the Economic Development Fund.

Staff Recommendation: Staff recommends adoption and approval.

Council Action Options:

1. Approve Resolution and grant agreement

2. Modify and Approve Resolution and grant agreement

3. Do not approve Resolution and grant agreement

 

Supporting Materials:

1. Resolution Providing a Grant to 301 Church Avenue, L.P.

2. Grant Agreement - Exhibit A

3. Map