Label
Colony Development Project
Economic Development
Brandon Sehlhorst (x1692)
Doug Stephens (x1006)
Title
Authorizing the appropriation and expenditure in an amount not to exceed $450,000 from the unappropriated balance of the Water Distribution Infrastructure Development Fund; authorizing the appropriation and transfer of an amount not to exceed $1,449,840 from the unappropriated balance of the Storm Water Replacement fund to the Storm Water Utility Improvement fund; authorizing the appropriation and expenditure of $1,449,840 from the unappropriated balance of the Storm Water Improvements Fund; authorizing the Mayor to prepare or review plans and specifications and enter into contracts for the utility improvements as necessary; authorizing the Mayor to enter into a development agreement with Toledo Colony Apartments, LLC and Colony-Concord Hotel, LLC for the Colony Development Project; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Developers have committed to invest an estimated $50,000,000 collectively, in the development of the (i) Residential Development and (ii) Commercial Development on a Project Site located in the Colony area ("Project"). The Project site consists of approximately 10.8 acres depicted on Exhibit A of the Development Agreement the Development Agreement being in substantial final form attached to this ordinance. The Project will further the development of the Colony and represents an important economic development opportunity for the City, involving both public and private investment along the West Central Avenue corridor, and will generate new jobs on the Project Site. The Project consists of the construction of new residential apartments, a new hotel, and new and revitalized commercial and retail space on the Project Site. The hotel portion of the Project will include approximately 120 hotel rooms and is anticipated to operate as a Home2 Suites by Hilton (the "Commercial Development"). The residential portion of the Pr...
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