Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve a redevelopment agreement for The Forge at Madison Commons, LLC, in the Downtown CRA-Subarea, at 343 NE First Avenue
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OCALA’S RELEVANT STRATEGIC GOALS:
Economic Hub, Quality of Place
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The Forge at Madison Commons, LLC, recently acquired the 2.64-acre property located at 343 NE First Ave; the property is identified by Marion County Tax Parcel ID No. 28234-010-00. There are three existing buildings totaling approximately 27,000 square feet on the site. In recent history the buildings have been underutilized with uses that have included several places of worship, warehouses, repair garages, etc. The Forge at Madison Commons, LLC, intends to develop restaurants, retail and office spaces on the property. The project will help to revitalize the northern area of the Midtown area, providing crucial redevelopment.
The City has previously identified the property as a Catalytic Site within the Midtown Master Plan. In the Midtown Master Plan a Catalytic Site is identified as a location where development would have significant impacts beyond the property based on the creation of economic investment within the Community Redevelopment Area.
The Midtown Master Plan identifies the property as the ‘Walton Property’ and recognizes it as the second largest catalytic opportunity site. The Plan recommends the adaptive reuse of the existing warehouse to include authentic retail and restaurant spaces, in addition to flexible spaces. The eastern edge of the site was noted as an opportunity to promote an active trail edge that allows people to comfortably move between Osceola Trak and the site.
Staff recommends entering into this agreement to provide incentives in the form of review contributions (building permit and site plan review fees), utilities and other improvements, and a grant as the project is expected to have substantial public benefit.
FINDINGS AND CONCLUSIONS:
The Project includes the adaptive reuse of the existing building for retail and commercial purposes, and related improvements, it will contain shells for multiple restaurants/bars, retail, office space as well as indoor and outdoor public common gathering areas. The proposed project and uses are consistent with the future land use designation of High Intensity/Central Core. The approximate size of the largest building on the site is approximately 22,300 SF with majority being reserved for restaurants/bars space. The developer’s plans will be subject to review and approval by the City according to Plans Contingency. The developer’s total development costs are estimated to be no less than $4,000,000.
The City, if required will construct water, power, sanitary sewer, and electric utilities lateral improvements, install decorative streetlamps, sidewalks and bicycle racks. The City will not be responsible for any on-site infrastructure improvements. All on-site improvements will be the responsibility of the developer.
The recommendation for approval is subject to a favorable determination by the Financial Review Committee (FRC). The Developer is in communication with the FRC to have a meeting scheduled. The outcome of the Financial Review will be presented to City Council for approval as per the requirements of the agreement.
FISCAL IMPACT:
The City will construct utilities and other improvements in an effective and economic manner. The City will offer a grant of $250,000 upon completion of the project, paid in two increments over a 12-month period. The City will also provide one-time review contributions not exceeding $46,000 covering agreed upon review fees and permits. The payments for this project will not come due until the FY24 Budget so they will be budgeted in that year. The $250,000 will be paid through the Downtown CRA budget # 621-016-012-559-55-82010 and the $46,000 will be paid by the Economic Investment Fund budget # 674-099-999-559-81-82010.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
This agreement will be reviewed for form and legality by City Attorney Robert W. Batsel Jr.
ALTERNATIVE:
Approve with changes
Deny
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