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Topics Of Discussion  
Council Work Session
 
Meeting Date:
08/08/2023
Metro Rose, LLC - Development Agreement
Submitted By:
Bryan Chodkowski
Department:
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
08/08/2023
Audio-Visual Needs:
None
Legal Review:
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
Agenda Item Description or Legislation Title
Metro Rose, LLC - Development Agreement
Purpose and Background
On April 10, 2023, City Council approved the Basic Development Plan and Rezoning of the Newbauer Farm on Executive Boulevard for 312 market-rate multifamily housing units. On July 11, 2023, the Planning Commission approved the Detailed Development Plan for this project. Based on the information provided to the City by the developer, this project will net to the City approximately $5.4 million over 30 years. This agreement also provides the City with a 4 acre lot, at no cost, to develop with a specific focus on the development of a full-service restaurant or brewery-type establishment.
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:
The City estimates 30-year net proceeds associated with this project to total approximately $5.4 million.
Attachments
Resolution
Exhibit A
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