Item 4O
Resolution 15-042 and corresponding Development Agreement to Support TIF Funds for a Garage and Public Infrastructure
August 18, 2015
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Presentation Overview
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Project Timeline
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Overview - Granite office – site location
Gateway Church
Office
Site
DPS HQ
Garage
Site
Theater
Hilton Hotel
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160’700
160,700 s.f. office bldg.
6 story
Parking garage
Minimum 480
spaces
Overview – office, garage, restaurant
8,500 s.f. restaurant probable with Phase I
Re-alignment of Reserve Street
Improvements to Division Street
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Overview – office view from frontage road
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3.4 acres fronting SH 114
160,700 square feet, 6-story office
Project value - $39mm
5 level parking garage; minimum 480 spaces
Garage value - $5.5mm
8,500 square feet
of restaurant
Estimated 485 employees
Estimated $65,411 avg. salary
Estimated $31,724,588 annual payroll
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EDT GOAL 4.1
• Encourage development in the desired zones, such as along State Highway 114 West.
Inducements should be based on items such as job creation, return on investment, quality
of business, and overall impact to the community.
2011 EDT Master Plan:
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Development Costs – incentive request & Justification
Total Request: $3,450,000
40% cost of Infrastructure
53% of Garage Cost
(privately owned but available for public use)
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Staff recommendation
Performance Requirements
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Questions?
Shannon Hamons, 817-748-8037
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