City Approves $2.25M TIRZ Grant for Balfour Flats

Up to $2,250,000 reimbursement grant; demolition, building permit, impact and tap fee waivers

OTHER

Agreement effective upon execution; expires eight (8) years from date of completion of the Development, with TIRZ expiration currently December 31, 2038

Agreement may be terminated for uncured default, with recapture of incentives for up to two years post-termination; assignments to new owners or lessees require TIRZ and City approval, except for related entities where Balfour Flats Venture LP (or its controlled entity) is general partner; any extension of TIRZ beyond December 31, 2038 would extend availability of increment for payments.

Resolution