Item Description:
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Neg Amd 1 to Agmt PR00005767 with Wilson Image Holding for the Swank Eatery project, extend end date to 12/31/27, no change in NTE
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to negotiate Amendment 1 to Affordable Commercial Incentive Fund Grant Agreement PR00005767 with Wilson Image Holding, LLC, or affiliated entity, for the Swank Eatery project, extending the contract end date from December 31, 2026 to December 31, 2027, with no change in the not to exceed amount of $500,000 (CP 1009876); that following review and approval by the County Attorney’s Office, the Chair be authorized to sign the amendment and related documents on behalf of the authority; and that the Controller be authorized to disburse funds as directed.
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Background:
On December 15, 2022, the Hennepin County Board of Commissioners approved funding for a one-time program, the Affordable Commercial Incentive Fund, administered by the Hennepin County Housing and Redevelopment Authority (HCHRA) to support long-term economic opportunity and the development of affordable commercial space along the proposed Blue Line Extension Light Rail Transit (LRT) corridor prior to its construction (Resolutions 22-0404/22-HCHRA-0053).
In August 2023, the competitive request for proposals garnered nine applications requesting a total of over $2.8 million in funding. A multi-agency panel evaluated applications. An independent financial consultant conducted an in-depth financial analysis assessing feasibility and verifying funding gaps.
Resolution 23-HCHRA-0042 authorized Agreement PR00005767 with Wilson Image Holdings, LLC for the Swank Eatery Project, located on West Broadway in north Minneapolis. The project includes approximately 13,000 square feet of commercial space for seven commercial tenants, and 70 new or retained jobs. The total investment value is approximately $11 million.
Like other industry sectors, construction and real estate develo...
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