Members of the Plymouth Redevelopment Commission were updated on the third draft contract with Scott Sevan on the residential housing project in TIF District four last week.
City Attorney Sean Surrisi presented members with a copy of the draft contract with Sevan for the South Gateway housing project for their review. He anticipates seeking approval of the agreement at the next Redevelopment Commission meeting.
Surrisi said, “The main terms of the agreement are after the zoning approvals are received there will be a transfer of the real estate to the developers company and over the course of the construction there will be quarterly payments to the developer as part of the Regional Cities match funding.”
The attorney explained, “After the $1.5 million dollars the city council granted to the Redevelopment Commission for this project….after the acquisition of the two other properties there is just under $1.3 million left.” Surrisi said there are seven quarterly payments of $183,285 with the final one coming after the project is complete.
Surrisi assured Redevelopment members that then agreement has protections in it for the city saying, “If something happens that the project isn’t completed, that the land will be granted back and some financial guarantees or money that has to be set aside during the course of the project.”
The city attorney spoke about the public form earlier this month that was attended by 70 to 80 people. He said there was lots of good discussion on the project with overwhelmingly positive response to the project.
Mayor Senter commented, “I felt a lot of enthusiasm at the meeting. There were a few grumblings. Facebook later on, there were more grumblings but overall it was very positive.”
The scope of the project have evolved over the last month and a half from 60 apartments to 39 units in three buildings with potential with the center building being comprised of 9 condos depending on commitments for presale.
Surrisi also told members of the Redevelopment Commission the project will be on the County Drainage Board agenda on January 17th for a variance and a special Plymouth Board of Zoning Appeals meeting on January 18th for a couple variances.
The Redevelopment Commission is expected to approve the agreement with Scott Sevan at their meeting January 17th at 5:30 in the Council Chambers of City Hall. The meeting is open to the public.
