Laserfiche WebLink
Page 1 of 7 <br /> <br />DATE: January 30, 2017 <br /> <br />TO: Honorable Mayor and City Councilmembers <br />William S. Joynes, Sr., City Administrator <br /> <br />FROM: Matthew Bachler, Senior Planner <br />Eric Zweber, AICP, Interim City Planner <br /> <br />SUBJECT: TCAAP Civic Site <br /> <br /> <br />Background <br /> <br />At the City Council meeting on December 12, 2016, the Council approved an Option Agreement <br />with the TCAAP Master Developer that would allow the City to purchase the 1.6-acre Civic <br />zoned property on the TCAAP site. The Option Agreement provides the City up to seven years <br />to acquire the site with the timeframe beginning once the JDA approves the Master Development <br />Agreement (MDA) with the Master Developer. The City’s plans for the property must conform <br />to the TCAAP Redevelopment Code and be approved by the Master Developer. If the City <br />purchases the property, it will need to commence construction within one year after the closing. <br />A copy of the Option Agreement has been provided in Attachment A. <br /> <br />The sales terms will depend on when the City is ready to move forward with construction. The <br />City has an incentive to move quickly on developing a plan for the property as an earlier sale will <br />result in better terms for the City. If the sale occurs within two years of the MDA approval, the <br />City will be required to pay $1 for the land and have no costs associated with the infrastructure <br />improvements to be completed by the Master Developer (underground parking, utilities, and road <br />improvements). Following this two year period, the City would incur greater costs for the land <br />purchase and infrastructure improvements. The Option Agreement expires seven years after the <br />MDA is approved, at which point the property will be rezoned Town Center-3. <br /> <br />The purpose of this memo is to provide the City Council with preliminary background <br />information to help frame the City’s discussion regarding the future use of the civic site. <br />Preliminary discussion by the City Council has focused on the possible use of the property for a <br />community center, library, licensing center, a new location for City Hall, or a combination of <br />these uses. This memo will describe the site development and use requirements specified in the <br />TCAAP Redevelopment Code, review the types of community centers in surrounding <br />communities, and provide preliminary cost estimates and financing options. <br /> <br />AGENDA ITEM – 1A <br /> MEMORANDUM <br />