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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-92 <br /> May 9, 2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve G ity Manager <br /> Dane Bragg, sistant City Manager� <br /> SUBJECT: Redevelopment Agreement, 253 North Main Street <br /> RECEIVE AND FILE ONLY <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached <br /> resolution to receive and place on file the attached redevelopment agreement to <br /> rehabilitate the Ivy Terrace (Felice's) building located at 253 North Main Street. No <br /> official action will be taken on this agreement until the June 5 meeting. <br /> BACKGROUND: The subject property has been acquired by Olde Towne Development, <br /> LLC. Felice's Restaurant operates in the first floor of the building and the second floor is <br /> vacant. The developer proposes to remove the dated facade and restore the original Main <br /> Street fagade. The developer will also be constructing two (2) residential units on the <br /> second floor of the building. The developer is currently restoring the property at 101 East <br /> Prairie for residential units. <br /> The agreement will be presented to the City Council on June 5, 2006 for consideration. <br /> City staff and the developer's representative will be available to discuss the proposed <br /> project at that time. <br /> POTENTIAL OBJECTION: N/A. <br /> INPUT FROM OTHER SOURCES: The proposed project is consistent with the goals <br /> of the Olde Towne TIF Redevelopment Plan. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbrag�ri�decaturnet.arg. <br /> BUDGET/TIME IMPLICATIONS: N/A. <br />