PRESENTER: Presenter
Jared Werner, Assistant City Manager
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SUBJECT: Title
Approval of a Reimbursement Agreement between TIRZ No. 1 and A-L 95 Creekside Town Center, L.P.
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: All
BACKGROUND INFORMATION:
The Creekside developer has been in discussions with Top Golf since at least 2019 regarding a possible location in Creekside. While Top Golf expressed some initial interest, there were questions around market and site viability that have since been resolved through negotiations on economic development incentives, as well as a plan to make a site ready for the proposed project. The proposed incentive of up to $1.5 million will be delivered as a cost offset for eligible public infrastructure to the developer from TIRZ#1 fund revenues.
The scope of the project and eligible reimbursements includes the relocation and/or construction of public infrastructure needed to accommodate the Top Golf development such as water, drainage, sewer and electrical work. Final costs are anticipated to be between $1.3 to $1.5 million.
ISSUE:
Approval of up to $1.5 million to A-L 95 Creekside Town Center, L.P. for public infrastructure costs associated with development of the Top Golf project.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
This action approves up to $1.5 million to the owner of the Top Golf site and related improvements. The project is expected to have a net fiscal impact of approximately $3.1 million - $5 million over a ten-year period. The proposed incentive of $3 million to Top Golf and the developer in two separate agreements has an approximate 10 year payback period.
Recommendation
RECOMMENDATION:
The TIRZ Board approved the reimbursement agreement at its meeting on June 12, 2024. Staff recommends approval of the reimbursement agreement.