27 - Economic Development Residentail Tax Abatement Agreement - Michael Davidson -Distinguished Property & Investments - 5 in 5 Housing Infill Development Program

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Item No. 27 Memorandum TO: Mayor, Mayor Pro Tem and City Council Grayson Path, City Manager FROM: Andrew Mack, AICP Director Planning & Community Development SUBJECT: Discuss and act on a Resolution approving an Economic Development Residential Tax Abatement Agreement with Michael Davidson, Distinguished Property & Investments, LLC, pursuant to the City's 5 in 5 Housing Infill Development Program. DATE: July 25, 2022 BACKGROUND & DISCUSSION Attached please find the draft agreement between the City and Mr. Michael Davidson for the construction of 3 new duplexes at the NWC of Fitzhugh and Clement Road. This property was rezoned in the past 2 months and a plat was then approved the next month by the City. The last step prior to issuance of building permits is approval of a 5 In 5 Agreement by the City, and possibly the County. The property is located immediately diagonal to the established 5 In 5 Boundary Area. The previous Council Agenda item clarifies this as appropriate action to the established boundary based upon the original intention of the 5 In 5 Guidelines. This was promoted prior to and following inception of the policy by staff in discussion with numerous builders. All 3 units will be built this year. Assay Construction is the General Contractor for the project and the investor is Michael Davidson of Distinguished Property Investments, LLC (DPI). The agreement spells out all the requirements under the 5 In 5 Infill Development Program Guidelines. Mr. Assay plans to attend the meeting on Monday night and present their building plans under the agreement to the City Council. Recommendation Approval of the 5 In 5 Infill Development Agreement with Distinguished Property Investments, LLC for 3 duplexes is recommended.