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File #: RES2014-12    Version: 1 Name:
Type: Resolution Status: Passed
File created: 7/15/2014 In control: City Council
On agenda: 7/21/2014 Final action: 7/21/2014
Title: Adoption of a resolution authorizing an Intergovernmental Economic Development Contract between the City of Smyrna and the Downtown Smyrna Development Authority and Bond Placement Agreement with Raymond James & Associates, Inc.
Sponsors: Susan Wilkinson
Attachments: 1. R2014-12 City of Smyrna Authorizing Resolution Smyrna Grove, 2. Intergovernmental Economic Development Contract City of Smyrna & DDA 2014
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Title
Adoption of a resolution authorizing an Intergovernmental Economic Development Contract between the City of Smyrna and the Downtown Smyrna Development Authority and Bond Placement Agreement with Raymond James & Associates, Inc.
 
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BACKGROUND:   This resolution is connected to the redevelopment of the old Hickory Lakes Apartment complex into a single family detached residential subdivision that is planned for 194 homes with an average value in excess of $300,000 per unit, producing a value of the total site of approximately $58,000,000.  The Downtown Development Authority "DDA" is under contract to sell the property to Smyrna Residential LLC for $14,150,000.  Pursuant to the agreement between the DDA and the developer, the DDA will provide certain infrastructure for the development.  This agreement supports the DDA in this regard.
 
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