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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Accept the Financial Review Committee memorandum for City Redevelopment Agreement for the Forge at Madison Commons, LLC
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OCALA'S RELEVANT STRATEGIC GOALS:
Economic Hub.
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The Forge at Madison Commons, LLC ("Developer") proposes to redevelop and provide related improvements on the 2.64- acre property located at 343 NE First Ave. In recent history, the buildings have been underutilized with uses that have included several places of worship, warehouses, repair garages, etc. The project will include spaces for restaurants, retail, and offices. The redevelopment project will help to revitalize the northern area of the Midtown area.
The city entered a redevelopment agreement with the developer to provide incentives including Tax Increment Financing (TIF), City review contributions, utility extensions, and other improvements. The developer is required to participate in a financial review of the project as part of the City's due diligence process.
FINDINGS AND CONCLUSIONS:
On September 6, 2022, City approved the redevelopment agreement with the Forge at Maddison Commons, LLC; the agreement became effective on October 4, 2022. The financial review is outlined in the agreement as a developer requirement.
The Financial Review Committee (FRC) is selected by the Ocala Metro Chamber & Economic Partnership (CEP) to conduct a financial review of proposed projects and confirm the financial ability of the developer and the developer Principals to complete the project. The developer participated in the financial review on December 1, 2022.
After evaluating the financial information presented, the FRC determined that the developer can adequately finance and execute the project as proposed. An FRC memorandum outlining the determination is attached.
The Midtown Master Plan iden...
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