| | | | | | | |  | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 7/22/2019
Department: Special Projects
Department Head: Peter Braster
Agenda Coordinator: |
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CAPTION
To approve a Development Agreement between the City of Plano, Texas and Epic Fresh Marketplace, LLC for the Green Vine Market Project; and authorizing the City Manager to execute all necessary documents. Approved |
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FINANCIAL SUMMARY Operating Expense
|
| FISCAL YEAR: 2018-19 |
Prior Year
(CIP Only) |
Current
Year
|
Future
Years
|
TOTALS |
| Budget |
0 |
12,537,264 |
0 |
12,537,264 |
| Encumbered/Expended Amount |
0 |
0 |
0 |
0 |
| This Item |
0 |
-500,000 |
0 |
-500,000 |
| Balance |
0 |
12,037,264 |
0 |
12,037,264 |
FUND(S): TIF II Fund
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|
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COMMENTS: This development agreement for the Green Vine Market at 18th Street and K Avenue, in the amount of $500,000 will leave a balance of $12,037,264 within the TIF II Fund for future expenditures identified in the TIF II Project Plan. |
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SUMMARY OF ITEM
The agreement will help improve a distressed market and shopping center at the northeast corner of 18th and K Avenue - the northern gateway to Downtown Plano. Please see the attached memorandum for more information.
Strategic Plan Goal:
Financially Strong City with Service Excellence, Great Neighborhoods - 1st Choice to Live, Exciting Urban Centers - Destination for Residents and Guests
Plano Tomorrow Plan Pillar:
Social Environment, Economic Environment |
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| ATTACHMENTS: | | Description | Upload Date | Type | | Memo | 7/11/2019 | Memo | | Agreement | 7/11/2019 | Agreement |
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