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R99-66 AUTHORIZING EXECUTION OF AGREEMENT
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R99-66 AUTHORIZING EXECUTION OF AGREEMENT
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4/8/2016 3:06:19 PM
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4/8/2016 3:06:18 PM
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Resolution/Ordinance
Res Ord Num
R99-66
Res Ord Title
AUTHORIZING EXECUTION OF AGREEMENT - BLACKSTONE GROUP
Approved Date
4/26/1999
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including; 1) Construction of all site improvements and amenities; and 2) The construction, <br /> opening, and operation of a Walgreen's Drug Store and a Circuit City. The proposed <br /> agreement specifically requires that these performance objectives be met before the developer <br /> is entitled to any reimbursement. It is anticipated that the two anchor tenants alone will <br /> generate approximately $300,000+ in annual sales taa�revenue. NOTE: This figure is based <br /> on individual company projections for year one sales. Revenue generation from the <br /> additional small shops(Buildings B and D) is not included in this figure. <br /> Approval of the proposed development agreement, with its specific provisions and performance <br /> objectives, will enable the Blackstone Group and the City of Decatur to jointly implement <br /> development plans for a new retail center that is both utilitarian and productive; utilitarian in its <br /> design and amenities, and productive in its revenue generation. It represents the product of <br /> significant negotiation between the City and the developer, and continues the trend toward <br /> development of commercial sites within the city of Decatur. Therefore, staff recommends <br /> approval of the attached development agreement. <br />
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