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New Business  
City Council Meeting
City Manager  
Meeting Date:
01/24/2022
Marian Meadows Redevelopment - Homestead at The Meadows
Submitted By:
Bryan Chodkowski
Department:
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
01/18/2022
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
2022-R-7087
Agenda Item Description or Legislation Title
A Resolution Authorizing The City Manager To Negotiate And Enter Into A Development Agreement With Homestead Development, LLC With Respect To Senior Housing Near The Former Marian Meadows Site.
(first reading)
Purpose and Background
Approval of this legislation will allow the City Manager to complete the negotiation and execution of a development agreement with Homestead Development, LLC. The agreement will be substantially similar to this legislation's Exhibit A, which has been conceptually approved by representatives from both parties. This agreement represents $40 million worth of new taxable development in the form of 133 senior (+55) apartments, 192 market-rate apartments, and the creation of outdoor community space. The structure of this agreement will net the City an estimated $850,000 from land sales and an additional $7.1 million in tax revenues through calendar year 2053.
Fiscal Impact
Source of Funds:
N/A
Cost:
N/A
Recurring Cost? (Yes/No):
N/A
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
Attachments
Presentation
Correspondence
Resolution
Exhibit A
2022-R-7087
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