AGENDA DATE: 10/16/2019
TITLE:
Title
Amendment to Woolen Mills Economic Opportunity Fund Performance Agreement
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of First Amended Economic Opportunity Performance Agreement between the County, the EDA, and Woolen Mills, LLC to revise the project completion date
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, DeLoria, Johnson, Newberry
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Albemarle County partnered with the Commonwealth of Virginia to support a project at the Woolen Mills site for the relocation and expansion of WillowTree, Inc. to become the anchor tenant in a redeveloped corporate campus. Albemarle County also provided a $1 million investment in infrastructure for the redevelopment of this unique site. Due to revisions in the construction schedule, the target date of the infrastructure investment performance agreement needs to be amended with an updated date of completion.
STRATEGIC PLAN: Economic Prosperity: Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals.
DISCUSSION: On September 12, 2018, the Board authorized the County Executive to execute a performance agreement with Woolen Mills, LLC and the Albemarle County Economic Development Authority on behalf of the County regarding the $1 million infrastructure investment associated with this project (Attachment A). This investment targeted the following specific public serving uses:
* public parking for recreational amenities
* pedestrian bridge and trail linkage
* transit improvements - shuttle partnership.
Justification for County incentives for the Woolen Mills redevelopment/WillowTree relocation is as follows:
* Consistent with Comp Plan in areas of land use, economic development, and transportation
* Supports redevelopment, placemaking, and economic development
* Supports growth o...
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