ACTION REQUESTED:
Title
Communication from the City Manager and Assistant City Manager with a Request to ADOPT an ORDINANCE Approving the REDEVELOPMENT AGREEMENT with OCULUS DEVELOPMENT, LLC., for 801 SW WASHINGTON STREET and 800 SW WASHINGTON STREET, to Develop 176 Residential Units in the Warehouse District. (Council District 1)
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BACKGROUND:
The developer, Oculus Development, LLC, is proposing the renovation of 800 and 801 SW Washington Street, which will result in a mixed-use redevelopment of 800 SW Washington (88,000-sf) and 801 SW Washington (89,000 sf +/-) buildings. The resulting use of both buildings will consist of 176 residential units (95 and 81 residential units, respectively), with common amenities and commercial space in both buildings. The total project costs for both buildings is estimated at $40,064,092. Oculus Development, LLC, requests reimbursement for TIF-eligible costs of $6,569,549.
The city will permit the developer to demolish the existing structures and construct a parking lot on the city-owned lots with parcel numbers 1809330042, 1809330043,
1809330035, 1809330036, 1809330037, and 1809330038, Southwest of 801 SW Washington Street for the use of residents of 801 SW Washington Street. The parking lots shall be allocated 95 spaces subject to approval by the Development Review Board as provided in that lot. Lease terms Section 8.1.5.H of the City's Unified Development Code. The cost of demolition and construction of the parking lots shall be credited against parking lease costs.
The city will construct a parking lot on the lots with parcel numbers 1809376013, 1809376014,1809376015, 1809376016, 1809376017, 1809376018, 1809376019, 1809376020 and 1809376021, along Depot Street. Residents of 800 SW Washington shall be allocated 84 spaces in that lot. Lease terms shall be equivalent to not less than the average rate for the warehouse district's monthly parking permits.
FINANCIAL IMPACT:
Annual reimbursement payments will only co...
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