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...
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