Item 27: Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co.

[COSM_Admin]

Consider approval of Resolution 2022-200R, approving a Chapter 380 Economic Development Incentive Agreement with Majestic Realty Co. providing incentives in the form of refunds of 50 percent of additional real property taxes for up to three years per building for the construction of industrial lease space on Centerpoint Road, to the extent such space remains unleased; authorizing the City Manager, or her designee, to execute said agreement; and declaring an effective date.

 

[JHughson]

Section 3.04. Prohibited Uses. Are these forever or just until the last grant payment is made?

Is there a restrictive covenant to ensure these are prohibited forever and the prohibitions stay on the land through subsequent owners?

On the "Philanthropy & Sustainability" slide, it doesn't state which of the two companies are doing either of these lists. Safe to assume developer or is it possibly the owner?

 

[COSM_Admin]

Response from Planning and Development Services and City Manager's Office:

We have a restricted covenant as part of the zoning. Section 1 prohibits waste related services. This document will be recorded and apply to the property as long as it is zoned Light Industrial.

The list in the agreement would only be applicable based on the terms of the agreement (user, timeframe, etc).

The Philanthropy and Sustainability slide is in regards to the developer for this project, Majestic. They are focused on what they call active philanthropy which is where they don’t only provide financial support but also volunteerism and hands on assistance. They have a focus on youth, education, family, health, and violence prevention, veteran homelessness, PTSD support, and K9 service support. Additional information can be found at https://www.majesticrealty.com/companies/#majestic-foundation and https://www.majesticrealty.com/companies/#land-of-the-free. The developer also actively reached out to explore potential partnerships with local non-profits.