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Conduct a public hearing and consider a resolution approving the terms and conditions of a program to promote local economic development and stimulate business and commercial activity in the City, authorizing the City Manager to finalize and execute an Economic Development Program Agreement (Chapter 380 Agreement) with Northridge Partners LLC, for the major renovation and redevelopment of the property located at 1805 North Galloway Avenue, in the City of Mesquite, Texas, and authorizing the City Manager to administer the agreement on behalf of the City.
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On February 13, 2021, City staff briefed the City Council on a proposed renovation of the Northridge Shopping Center by Centerpoint Commercial Properties. The developer recently purchased the shopping center and proposed plans to renovate the center to attract new tenants and approve the appearance of the aging center.
Northridge Shopping Center was constructed in 1960 and served as the primary retail center for the Northridge Neighborhood. In the past few years, the tenant mix has declined and retail activity at the center has declined. The City Council identified the Northridge Shopping Center as a target for redevelopment and staff has worked with the Centerpoint Commercial Properties to identify improvements needed to bring new tenants to the center that would expand economic activity at the shopping center.
The developer is proposing to invest approximately $650,000.00 to improve the shopping center. The improvements would include fa?ade improvements, new tenant signage, roof repairs and storefront renovations. The proposed economic development agreement would rebate 100 percent of the property and sales taxes generated by the retail businesses at the center for a term of 10 years. Additionally, the City will grant the developer $100,000.00 for the fa?ade and signage improvements. The grant will be based on an investment of $400,000.00 in the center. The total incentive will be capped at $450,0...
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