Title
Presentation on the Metropolitan Redevelopment Area (MRA) Development Agreement, High Level Terms for Pig and Fig Cafe, LLP
Body
The purpose of this item is to introduce the Pig & Fig redevelopment project before Council considers the formal introduction and public hearing of an ordinance approving a Metropolitan Redevelopment Area (MRA) Development Agreement. No action is requested at this time. Owner Laura Crucet, representing Pig and Fig Cafe, LLP. ("Pig & Fig"), will attend to provide an overview of the proposed project, describe the planned improvements, and answer questions from Council.
The proposed project will be located at 11 Sherwood Blvd. in White Rock, New Mexico. The project would remodel an underutilized portion of the existing space to expand the services available to the community. The estimated project construction cost is $106,000.
The requested County fiscal participation from the Economic Development Fund totals $106,000 in the form of an MRA grant.
The proposed Development Agreement establishes the terms of the County's participation and the performance obligations associated with the public investment. The agreement will be presented to Council for consideration through the ordinance process, including formal introduction and a subsequent public hearing.
Fiscal and Staff Impact/Planned Item
Approved and executed MRA Development Agreements are funded from the Economic Development fund.
Attachments
A - Project Presentation Slides