Bill Type and Number:
Ordinance 2002-431Sponsor: Council Member Yates at the Request of the Jacksonville Economic Development Commission
Date of Introduction: April 23, 2002
Committee(s) of Reference: RCD; R
Date of Analysis: April 24, 2002
Type of Action: Agreement Amendment Authorization and Appropriation
Bill Summary: This bill authorizes the Mayor and Corporation Secretary to enter into an Amended and Restated Redevelopment Agreement between the City, the Jacksonville Economic Development Commission, and The Soap Bubble Laundromats, Inc. Additionally, $122,400 is appropriated from a Northwest Jacksonville Economic Development Fund account to an account entitled The Soap Bubble Laundromats, Inc. It is stated that all costs in excess of the City's loan of $122,400 will be paid by this developer.
Background Information: Ordinance 2001-159-E authorized a redevelopment agreement with The Soap Bubble Laundromats, Inc., as the developer for a self-serve laundry facility at 8110 Lem Turner Road. The agreement provided for a $127,600 economic development grant for infrastructure improvements, both on- and off-site. In order to attract conventional financing for the improvements, the developer requires an additional loan commitment from the City of $122,400, which loan will be subordinate to a first mortgage not to exceed $868,000. The total project costs are estimated to be $1,323,080 and it is anticipated that 22 new full-time jobs will be created within 36 months of the project's completion.
Policy Impact Area: Economic Development
Fiscal Impact: Undetermined; $122,400 is appropriated by this ordinance
Analyst: Campbell