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2024-01-02 P & Z Packet
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2024-01-02 P & Z Packet
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12/29/2023 4:14:18 PM
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12/29/2023 4:13:23 PM
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1. Feasibility Period: <br /> <br />For a period from December 13, 2023, until December 14, 2024, or until and if the <br />the private party is terminated <br />, the parties will perform their due diligence toward the purposes of this <br />Memorandum of Understanding. Overall, the consideration of Tax Increment <br />Financing is contingent on the Developer attaining the requirements of a Tax <br />Increment Financing District based on the redevelopment of the Property. <br /> <br />2. General Terms: <br /> <br /> General TIF parameters: <br /> A minimum period of approximately 10 to 15 years with the <br />final duration of the TIF District and Net Present Value of the <br />TIF Note as may be determined in a future Development <br />Agreement, TIF Agreement, and/or TIF Note or other <br />documents as may be required for the establishment of the <br />TIF District. <br /> An approximate and estimated maximum of $2,500,000.00 in <br />Net Present Value. <br /> Reimbursement is made from tax increment revenues as <br />received, as taxes are paid annuallyPay-as-you-go.) <br /> General Building Expectations For The Property (the Minimum <br />Improvements). <br /> Approximately 90 to 110 units of market-rate apartments. <br /> Building height limits per Code. <br /> Underground parking ratio of approximately 0.9:1 to 1:1. <br /> Overall parking ratio of approximately 1.5 to 1.7. <br /> Architectural requirements based on the City of Centerville <br />Downtown Master Plan. <br /> Expected initial valuation of the Property of no less than <br />$17,000,000.00. <br /> Development Property, amenities include: <br />o Project will have high-quality interior and exterior <br />materials. <br />o Varied facade treatment and mix of materials and <br />colors. <br />o Projections and recesses will be designed throughout <br />the building and at the prominent corners. <br />o Decorative exterior lighting and fixtures. <br />tğŭĻ Ћ <br /> <br />ĻƩƭźƚƓ ЊЋΉЉБΉЋЉЋЌΏЋ <br /> <br />
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