The City Council previously approved Ordinance No. 19329 approving a development agreement between the City and Northpoint Development, LLC. That development agreement contemplated the creation of the Eastgate Commerce Center Community Improvement District.
Northpoint Development seeks to develop the Eastgate Commerce Center project, which is generally situated along Little Blue Parkway beginning about 3/4 miles north of RD Mize Road to Truman Road where it follows Route 78 to M-7 Hwy that encompasses approximately 1,262 acres and involves the development of a “class A” light industrial and distribution center with approximately 21 buildings totaling roughly 10,800,000 square feet to be constructed over approximately 15 years. The District includes the contiguous tracts of real estate as described in the Petition and shown on the map. It covers the land encompassing the development as well as the roadways adjacent to the project (i.e., Little Blue Parkway, Necessary Road, Truman Road and M-78 Hwy).
The maximum length of time for the existence of the District is 25 years from the date upon which any sales tax levied by the District is collected within the District. Notwithstanding the 25-year limit stated above, the maximum length of time for the existence of the District under the CID Act is 27 years after the date of approval, unless extended in accordance with the CID Act.
Approval of the CID Petition and the District is conditioned upon the District entering into a cooperative agreement with the City, upon terms and conditions mutually acceptable to the City and District, which provides for implementation of the District, the process for reimbursement of eligible District costs and expenses and other matters as mutually determined by the City and District. No payment or reimbursement of District costs and expenses shall occur and no disbursement of District revenues shall occur until the cooperative agreement is approved and executed by the City and the District. Failure of the District to enter into such agreement within 1 year following the effective date of this Ordinance shall nullify and render void the approvals granted in this Ordinance upon such declaration by the City Council.