AGENDA DATE: 6/19/2019
TITLE:
Title
Authorization to Execute an Economic Development Agreement for a Public-Private Partnership (PPP) with Crozet New Town Associates, LLC
SUBJECT/PROPOSAL/REQUEST: Staff is seeking the Board's authorization to move forward with a performance agreement for Project Patriot
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, DeLoria, Johnson, Newberry, Stewart, Allshouse, S.
PRESENTER (S): Doug Walker, Roger Johnson, Frank Stoner
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Under the proposed Development Agreement, Albemarle County would be partnering with Crozet New Town Associates, LLC (Developer) in a specific Public-Private Partnership (PPP) arrangement at the former Barnes Lumber site in Downtown Crozet. The County would be providing financial and in-kind support for the construction of a public plaza, a Main Street road network, and expansion of the Central Business District in Downtown Crozet. This project site has been planned for redevelopment since 2006 and has not organically happened. As a result, County staff is acting to catalyze the redevelopment of this site. The County is providing investment in infrastructure and support to promote the general redevelopment of this valuable and unique site. The justification for the County's participation in this arrangement includes an assertion that this project:
? Is consistent with the Comp Plan in areas of land use, economic development and transportation
? Supports redevelopment, placemaking, and economic development
? Grows the commercial tax base
? Supports site readiness for growth of a target industry
? Adaptively reuses a central business site
? Creates positive tax revenue growth
STRATEGIC PLAN: Economic Prosperity: Foster an environment that...
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