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Meeting Date:
04/22/2024
Continental 752 Fund, LLC - Development Agreement
Submitted By:
Bryan Chodkowski
Department:
Assistant City Manager
Division:
Economic Development
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
04/16/2024
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
2024-R-7418
Agenda Item Description or Legislation Title
A Resolution Authorizing The Execution Of A Development Agreement With Continental 752 Fund, LLC.
(first reading)
Purpose and Background
The City of Huber Heights and Continental 752 Fund, LLC would like to enter into a development agreement (the “Agreement”). The Agreement provides for the development of ~15 acres of real property located on the west side of Brandt Pike (State Route 201), behind the Huber Heights Branch of the Dayton Montgomery County Metropolitan Library, addressed as 6243 Brandt Pike. The Developer proposes to construct ~288 units of market rate multi-family housing and the Agreement provides for the construction of the project and associated development incentives including the provision of related real property tax exemptions. The City and the Developer’s affiliate, Continental Real Estate Holdings, LLC previously entered into a Purchase and Sales Agreement on October 23, 2023, via Resolution No. 2023-R-7331 in support and advancement of the Project.
The approval of this Development Agreement is a condition to close as outlined in the aforementioned Purchase and Sale Agreement between the parties. The Developer has expressed an interest to close on the purchase of property in June, 2024. Completion of this sale would yield ~$750,000 to the City of Huber Heights.
In furtherance of this project, legislation establishing the Continental Meadows Tax Increment Finance (TIF) District will be presented to City Council in the near future. The establishment of this TIF District will allow the City to recover a portion of its investment costs in the redevelopment of The Meadows.
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
2024-R-7418
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