AGENDA DATE: 5/20/2020
TITLE:
Title
Amendment to Woolen Mills Economic Opportunity Fund Performance Agreement and Update on WillowTree Relocation Status
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of Second Amended Economic Opportunity Performance Agreement between the County, the EDA, and Woolen Mills, LLC to revise the project completion date and Overview on Current Status of WillowTree Relocation to Redeveloped Corporate Campus
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, DeLoria, Johnson, Newberry
PRESENTER (S): Roger Johnson
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 was extended six months on October 16, 2019. While the redevelopment project remains on track and is preparing for tenant occupancy this summer, approvals from federal agencies including the Environmental Protection Administration have taken longer than originally anticipated which has impacted the timeline for construction of the pedestrian bridge. A second extension is being requested to accommodate the updated timeline.
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 thi...
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