Focus Area: Economy
Staff Contact: Jamie Robichaud / Kate Messer
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title:
title
Report on a request of 175 Commerce Center Land, LLC, and Assigns to Amend and Assign Resolution 21-1054 & Resolution 21-1056 (Master Resolution).
Body
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recommended motion:
Accept report. Two resolutions regarding the project will go before the City Council at its June 16th meeting.
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Summary:
On August 3rd, 2021, the City Council adopted Resolution No. 21-1054, determining the City’s intent to issue industrial revenue bonds in an aggregate principal amount not to exceed $213,969,120 for the benefit of BT 175 Future Phase, LLC and BT 175 Phase 1, LLC,. The bonds would finance the costs of acquiring land and acquiring, constructing and equipping one or more facilities and related infrastructure generally located at the northwest corner of 175th Street and Hedge Lane.
On August 3rd, 2021, the City Council adopted Resolution No. 21-1056, determining the City’s intent to issue industrial revenue bonds in an aggregate principal amount not to exceed $160,901,096 for the benefit of BTM Land, LLC. The bonds would finance the costs of acquiring land and acquiring, constructing and equipping one or more facilities and related infrastructure generally located at the northeast corner of 175th Street and Hedge Lane.
At the request of the Company, the Governing Body is considering two resolutions amending and reassigning the Original Resolutions of Intent to 175 Commerce Center Land, LLC, a Delaware limited liability company. The resolutions would also include an amendment to Resolution No. 21-1056 to increase the authorized principal amount from $160,901,096 to $203,200,000, and would further reassign the prior resolutions to 175 Commerce Center Land, LLC, while increasing the property tax abatement from 50% to up to 80% of eligible mills, consistent with the City’s updated Industrial Revenue Bond and Property Tax Abatement Policy. The updated policy allows an additional abatement of up to 30% for qualifying warehouse, distribution, logistics, manufacturing, and data center projects located within a targeted development area identified in Exhibit B of the policy.
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Financial Information:
None.
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Attachment(s):
A. Resolution No. 21-1054
B. Resolution No. 21-1056
C. Resolution No. 26-XXXX
D. Resolution No. 26-XXXX