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5.1.
Economic Development Authority (EDA)
Meeting Date:
11/10/2022
By:
Sean Sullivan, Community Development

Title:

Project update

Purpose/Background:

The purpose of this case is to provide an update on active purchase agreements and other EDA projects underway, recently completed or in the project pipeline.  This is an information item.

Notification:

N/A

Observations/Alternatives:

Recently Completed Projects
  • Anderson Dahlen Expansion - 65,000 SF -  Manufacturing - The building was completed in 2022 and the company is moving equipment into the building and starting operations. 
  • Oppidan 1 - 111,300 SF - Industrial Flex - Building completed in November 2022. Lexington Manufacturing (city generated lead) inked lease for 63,000 SF.
  • BLIP 4 - 67,000 SF - Industrial Flex - Building completed in early 2022. Integrity Tool (city generated lead) inked lease for 37,000 SF.
  • O'Reilly Auto Parts - 7,000 - Building completed in 2022 and business is open. Wall along Sunwood Drive currently under construction with 2022 completion date.
  • West Armstrong Retail - 15,000 SF - Retail - Building almost fully leased (Big Adventures Daycare, Papa Murphys and Anytime Fitness).
  • Allison's Petite Pastries - Retail. Opened in Summer 2022. Utilized $1,500 Restaurant Sign/Awning Program.
  • Miss Iz Ice Cream and Soda Shop - Opened in Fall 2022. Utilized $1,500 Restaurant Sign/Awning Program.

Projects Under Construction
  • Oppidan 2 - 147,000 - Industrial Flex - Anticipated construction to be completed in December 2022. Working with developer to find tenants.
  • North Star Marketplace (across from Coborn's) - 7,200 - Retail - Anticipated construction to be completed in Spring / Summer of 2023. This completes the last building of the project.
  • Pact Charter School - Pre-construction Meeting complete - 2022-2023 construction. Completion anticipated in 2023.

Projects under LOI/ PA / Right of Re-Entry Agreements
  • Reliable Holdings (Blueline Collision) - 10,000 SF - Commercial - Construction to commence Spring 2023 with fall/winter 2023 completion. RORE Agreement in place - C/O required by December 31, 2023.
  • Storyteller Cafe - 12,000 SF - Mixed Use - Site Plan needs to be resubmitted for approval.(expired) Construction to commence Spring 2023 with fall/winter 2023 completion. RORE Agreement in place - C/O required by December 31, 2023.
  • Schiebout Family LP - 82 unit Hilton Home 2 - Commercial - Executed Purchase Agreement with Notice to Proceed by March 26, 2023. Business Assistance TIF Application in process - December EDA Meeting for TIF review/recommendation.
  • COR Trust Bank - 3-6000 SF - Commercial - Executed Purchase Agreement with Notice to Proceed by March 30, 2023. Site plan in development, likely January/February 2023 submittal.
  • Convenience Grocer - 22,000 SF - Retail - Executed LOI outlining terms of future Purchase Agreement. Drafting of Purchase Agreement taking longer than anticipated. Hopeful to have PA in front of EDA in December 2023.

Other Projects
  • West Armstrong / Ferret Street Road and Utility Reconstruction - Plan design is at 80% which means that we should have cost estimates very soon. The potential ARAA sportsdome project could have impacts on design, so two versions are being looked at. Anticipated completion of Study is the end of November 2023.
  • COR Infrastructure / Wetland Analysis - The City Council approved moving forward with the complete study at the October 25, CC meeting.  The Wetland item is proving to be complex and Staff continues to with with B & M to find cost effective solutions. Anticipated completion is the End of December 2022.
  • ARAA Sportsdome - Staff continues to meet with ARAA Project Team.  Site plan review meeting scheduled for November 7. ARAA hopeful that this project to be constructed in 2023 which would need to coincide with proposed Ferret Street Reconstruction and installation of utilities.


 

Funding Source:

N/A

Recommendation:

N/A Informational Item

Action:

N/A Informational Item

Attachments

Form Review

Inbox Reviewed By Date
Sean Sullivan (Originator) Sean Sullivan 11/03/2022 02:41 PM
Brian Hagen Brian Hagen 11/03/2022 02:44 PM
Form Started By:
Sean Sullivan
Started On:
11/02/2022 03:51 PM
Final Approval Date:
11/03/2022