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Topics of Discussion  
Council Work Session
 
Meeting Date:
12/07/2021
CAP 5 Development, LLC - Development Agreement
Submitted By:
Bryan Chodkowski
Department:
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
12/07/2021
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
Agenda Item Description or Legislation Title
CAP 5 Development, LLC - Development Agreement
Purpose and Background
CAP 5 Development, LLC is an affiliate of DDC Management, LLC. The City has been in negotiation with DDC Management/CAP 5 Development regarding the terms of a development agreement for the construction of 283 single homes on Chambersburg Road. When complete, the project will create an estimated $63.6 million worth of taxable property and nearly 50 acres of public recreation space. This agreement provides the developer with a 15-year, 100% property tax abatement. In exchange for this benefit, the developer has agreed to allow the City to assess the City's portion of the 2025 Chambersburg Road Improvement Project ($1.35 M), $375,000 worth of recreational improvements, and the annual expenses of a full-time Public Works employee during the term of the abatement period.
Consideration of this project is before City Council now as ZC 21-35. If both the zoning and development agreement measures are approved by City Council on December 13, 2021; construction on this project could begin as early as the second quarter of 2022. This project is currently proposed as four phases to be constructed over a 5 year period.
This agreement was initially drafted by the City's bond counsel, Christoper Franzmann, and has been reviewed by City Attorney Gerald McDonald.
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
Resolution
Exhibit A
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