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E.
New Business  
City Council Meeting
City Manager  
Meeting Date:
05/22/2023
CRA Agreement - Simms Development - The Gables
Submitted By:
Bryan Chodkowski
Department:
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
05/02/2023 and 05/16/2023
Audio-Visual Needs:
None
Emergency Legislation?:
Motion/Ordinance/
Resolution No.:
Failed To Pass
Agenda Item Description or Legislation Title
A Resolution Authorizing The City Manager To Enter Into A Community Reinvestment Area Agreement With Charles Simms Development Under Certain Terms And Conditions.
(first reading)
Purpose and Background
The City of Huber Heights created Community Reinvestment Area #7 (“CRA #7”) for the purpose of encouraging economic development activity. Parcel Numbers P70 03910 0057; P70 0320 0010, 0011, 0012; P70 0320 0018, 0019 and 0020 (the “Property”) are located within CRA #7 and vacant. Charles Simms Development intends to construct 74 owner-occupied single family residences with an initial estimated investment of $27,750,000.00. Absent any economic development agreement, the City is estimated to earn approximately $1,138,854.27 in property tax from this project over the next 30 years. Charles Simms Development seeks to enter into an economic development agreement with the City that is estimated to generate approximately $5,630,285.13 in net revenues to the City. This legislation authorizes the City Manager to execute said economic development agreement.
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
Attachment A
Exhibit A
Exhibit B
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