AG 2018 01 16 - Laserfiche WebLink

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Update: Demonstration Project: "Vida" • Lansing Melbourne Group, Ft. Lauderdale Florida. • Development Agreement adopted on January 27, 2017. • Six story building wrapped around parking deck with amenity spaces on top of the deck. • 280 residential units. • 35,000 square feet new retail space. • Publicly funded parking deck = 400+ spaces. $12 million is current estimate (although this is currently being scrutinized father by City staff). • Will preserve the Cabarrus Bank Building block. The other buildings on this site will be demolished. • $46 million phase I development $14-18 million in phase II (within 3-5 years). • Third Phase contemplated across West Avenue (current Wells Fargo site) but no details have been agreed upon yet. • Closing on the property scheduled for February 2018. • Construction scheduled to begin by March/April 2018 with completion by spring/summer 2020. Update: Sports and Entertainment Venue • Design Development Phase documents completed November 15, 2017. • Guaranteed Maximum Price contract with Construction Manager Barton Malow scheduled for City Council consideration in July 2018. • $42 million projected total project cost. Will be refined over the next 60 days. • Lease and Development Agreements in final stages of negotiations with Team ownership. Target for completion is February 2018. • Existing Intimidators Stadium is 23 years old and in need of major renovations, which was determined by the City and Team to be a bad investment in its current location. The new facility solves that problem as well as serving as the anchor for the downtown revitalization effort. • Market for Minor League Baseball in Kannapolis/Cabarrus County is 30 minute drive time which equals nearly 700,000 in population. • Top 25% of all of Class A minor league baseball markets nationwide in population. Top 33% in household income. • Untapped attendance possibility = 340,000 per year (less than 100,000 per year attend now). Conservatively projecting 200,000-250,000 annual attendance. • Construction scheduled to start in August 2018 with completion anticipated in January 2020 for opening pitch in April 2020. • To make way for the project construction, the City has purchased the old Big Lots Shopping Center at 489 North Cannon Blvd and has committed to relocating the RCCC Cosmetology program to that location. Bids for the renovation work have been received ($5.15 million). The bid award will be on the January 8, 2018 City Council agenda for consideration. 3 Attachment number 1 \n G-2 Page 154