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EASEMENT E-1718-23: CONSIDERATION OF ACCEPTANCE OF A PERMANENT SIGN EASEMENT DONATED BY UNIVERSITY NORTH PARK, L.L.C., FOR THE UNIVERSITY NORTH PARK ENTRANCE AT ROBINSON AND 24TH AVENUE N.W.
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BACKGROUND: City Council adopted Ordinance O-0506-66 on May 23, 2006, that established the University North Park Tax Increment Finance District (UNP TIF) with its associated Project Plan. The Project Plan called for the development of a Conference Center, certain Traffic and Roadway Improvements, Economic Development Incentive provisions to attract quality jobs, the development of a Lifestyle Center/regional draw retail shopping center, and the construction of Legacy Park. These Project Plan components were to be accomplished with financial assistance from incremental taxes generated from retail sales in the UNP District and increases in property tax assessments generated by private investment into the area. The Project Plan was later amended on August 26, 2008, with the passage of Ordinance O-0809-8, after going through a Statutory Amendment process that allowed the Conference Center allocation to be utilized for the Rock Creek Overpass project, and for a Cultural Facility to be located within the UNP District. The total incremental revenue authorized to be spent on Project Costs is $54.75 million, plus any associated interest and financing costs, over a period not-to-exceed twenty-five years.
Council received an update on progress toward implementation of the Project Plan Components on March 21, 2017, that included: completion of the Embassy Suites Hotel/Conference Center and Rock Creek overpass; completion of the majority of the planned Traffic and Roadway improvements; progress toward Quality Job attraction including acquisition and platting by NEDC of a 30 acre business park, acquisition and platting by NEDC of a 30 acre industrial park, with IMMY being constructed and opened, and completion of infrastructure to service the NEDC economic development tr...
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