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Meeting Date:
07/25/2022
CRA Agreement - Hayden Apartments, LLC - 5550 Huber Road
Submitted By:
Bryan Chodkowski
Department:
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
07/19/2022
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
2022-R-7148
Agenda Item Description or Legislation Title
A Resolution Authorizing The City Manager To Enter Into A Community Reinvestment Area Agreement With Hayden Properties, LLC Under Certain Terms And Conditions.
(first reading)
Purpose and Background
This legislation provides a previously discussed property tax abatement for Homestead Properties, dba Hayden Properties, LLC, on a new $30.6 million, 192-unit market-rate multi-family residential project near the intersection of Old Troy Pike and Taylorsville Road. This abatement is necessary to support the partnership between Broad Reach Properties, the master developer, and the City to support improvements to Old Troy Pike and Taylorsville Road. Said road improvements are designed to improve the flow of traffic on Old Troy Pike as well as access to businesses on Old Troy Pike between Taylorsville Road and I-70.
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
2022-R-7148
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