Agreements on Chimney Hill Property
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Agreements on Chimney Hill Property

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    Agreements on Chimney Hill Property Agreements on Chimney Hill Property Presentation Transcript

    • City Council Regular Session December 12, 2013
    •  October 2008 ◦ Council Direction: Purchase Chimney Hill for $9,600,000  July 2011 ◦ Staff presentation regarding surplus land holdings ◦ Council Direction: Move forward with disposition  Summer/Fall 2011 – City receives unsolicited interest  January 2012 ◦ Council Direction: Do not subdivide; Sell the entire site
    •  September 2012  February 2013  Spring 2013 – Evaluation; Staff interviews; Recommendation  June 2013 ◦ Continue to receive unsolicited interest ◦ Council Direction: Issue ‘Request for Interest’ ◦ Seven Statements of Interest received ◦ Council Direction: Engage Economic Development Committee ◦ ED Committee and staff recommend PM Realty Group ◦ Council Direction: Begin negotiations with PM Realty Group
    •      City and Research Valley Partnership Research Valley Partnership and PM Realty Group Purchase Price: Earnest Money: Inspection Period: $7,500,000 (HOT Fund) $50,000 150 days
    • $7,500,000 + $1,500,000 $9,000,000 + $600,000 $9,600,000 Pending Sale Price Chimney Hill Fund Balance ; FY13 end Sales & Ad Valorem Tax Revenue; (1.5 years) Equivalent to original Purchase Price
    •  Incentives:  PMRG’s Obligations:  ◦ Sold to PMRG through an “independent foundation” (RVP) ◦ Development Fast Tracking & Inspection ◦ Waiver of initial application costs ($3,227.50) ◦ ◦ ◦ ◦ $14.67 million annual sales / $220,000 sales tax revenue $40 million ad valorem value / $170,000 property tax revenue 200 employment positions with quarterly reporting Phase 1: September 30, 2015 Phase 2: March 31, 2017 City’s Clawbacks: ◦ PMRG pays tax liability difference if less than obligation
    •  December 12, 2013  December 2013 through May 2014  June 2014  September 2015  March 2017 ◦ Council action on Purchase & Sale Agreement ◦ Council action on Economic Development Agreement ◦ 150 Day Inspection Period ◦ Closing ◦ Phase I Complete ◦ Phase II Complete