R2017-136 Authorizing Redevelopment Agreement Liaison Home Automation 288 N Park St

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11/20/2017 Item Coversheet In Economic&Community Development DATE: 11/15/2017 MEMO: No. 17-33 TO: Honorable Mayor Julie Moore Wolfe and City Council FROM: Tim Gleason,City Manager Billy Tyus,Deputy City Manager Raymond Lai,Director,Economic and Community Development SUBJECT: Redevelopment Agreement—Liaison Home Automation,LLC SUMMARY RECOMMENDATION: Staff recommends that the attached Redevelopment Agreement between the City of Decatur and Liaison Home Automation, LLC to redevelop the vacant street level building space located at 288 North Park Street in downtown Decatur for a Custom Electronic Design&Installation business be received and approved. BACKGROUND: The Redeveloper will remodel at its own expense the street level building space located at 288 North Park Street in downtown Decatur. The proposed project will involve the demolition of the whole interior of the main floor structure. All new drywall,trim and paint, electrical, lighting, flooring, HVAC system, conference room glass walls, door replacement, and plumbing will be installed. It is expected that the construction of this facility will begin by the end of 2017. The project is expected to retain 9 full-time jobs and create 10 more full-time jobs over the next two years.We believe that this project will be a great addition to the downtown's redevelopment being located on the highly visible corner of North Park and Franklin Street across from Central Park and retain benefits to retailers and restaurants in the area. As Council has requested, staff is being aggressive in our Incentive Packages to increase Development in downtown Decatur. We believe this project will strengthen Decatur's downtown economy and capitalize the beautification effort that Council started with our$14 million Downtown Streetscape Project. STAFF REFERENCE: Additional questions can be forwarded to Tim Gleason at 217-424-2801 (tgleason@decaturil.gov),Billy Tyus at 217-424-2801 (btyus@decaturil.gov)or Raymond Lai at 217-424-2727(rlai@decaturil.gov) BUDGET/TIME IMPLICATIONS: Commencing in the year following the year in which the Redeveloper shall open Liaison Home Automation, LLC on the project site and continuing for five (5) years after Redeveloper opens such business on the property, the Redeveloper shall receive a reimbursement amount equal to fifty(50)percent of the sales tax revenue actually received by the City from this business up to the proposed construction costs of$73,300. ATTACHMENTS: Description Type Resolution Resohitioji letter Agreement Backup Material https://decatur.novusagenda.com/AgendaWeb/CoverSheet.aspx?Item ID=1320 1/1