BACKGROUND/DISCUSSION:
The proposed agreement is a Chapter 380 Economic Development Incentive Agreement with Blazing Hospitality. It addresses the demolition of the existing building at 1005 N. Saginaw Blvd. The building has been vacant for many years. The purpose of the demolition is to support future development of the property. The agreement sets forth the City's participation which is an amount not to exceed $25,000.
This item was originally approved by the Saginaw City Council at the October 18, 2022 meeting. The proposed agreement was not available at the time the meeting packet was prepared last October 2022. Therefore, we are bringing this back to you at this meeting for official approval.
In addition, this property finally sold to the Blazing Hospitality Group on May 4, 2023.
FINANCIAL IMPACT:
The financial impact is not to exceed $25,000 and will be paid from account 01-6141-1300 (Economic Development Incentive).
RECOMMENDATION:
Staff recommends approval of the 380 Economic Development Incentive Agreement with Blazing Hospitality (as originally approved at the October 18, 2022 City Council Meeting).