INTER-OFFICE MEMORANDUM 12/19/2022
TO: Isaac Benton, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Approving the Downtowner Development & Disposition Agreement for housing projects in the Downtown and Railroad Metropolitan Redevelopment Areas
body
In September 2021, the Metropolitan Redevelopment Agency (“MRA”) released the Downtown Housing RFP (RFP #01-2021) soliciting proposals for housing projects in the Downtown and Railroad Metropolitan Redevelopment Areas. Developers were invited to propose projects that required gap funding in the face of rapidly escalating construction costs, caused by downstream effects of COVID-19. Total funding available from MRA was $2.2M. MRA received two responses to the RFP, including The Downtowner.
MRA staff have now negotiated a mutually-agreeable Development & Disposition Agreement with Alb. Downtowner, LLC (“Developer”), a partnership between Rembe Urban Design & Development, Insight Construction, and Mullen Heller Architects. Located in the Downtown MR Area and along the future Rail Trail at 1st and Silver (101 Silver Ave SW), the Developer will build a multi-story mixed-use multifamily property offering eleven live-work units, 208 dwelling units, and a neighborhood cafe (“Project”). If approved, the full MRA incentive package will include the land, and a $1,800,000 gap financing grant.
[Signature page follows]
APPROVING, IN FORM, THE DOWNTOWNER DEVELOPMENT & DISPOSITION AGREEMENT
Approved: Approved as to Legal Form:
________________________________ ____________________________
Lawrence Rael Date City Attorney Date
Chief Administrative Officer
Recommended:
_________________________________________
Terry Brunner Date
Director