In 2007 the City hired a consulting firm to complete master planning services for the Crosswinds Business Park and entered into a reimbursement agreement with several property owners to cover these costs. The costs for these services were broken out by the total acreage owned by each of the property owners. The agreement requires that when land is sold, the property owner is required to repay the City for the expenses incurred for these services.
In 2012, the City entered into a separate development agreement with two property owners for the construction of SE Crosswinds Drive and SE 77th Street, both located in the Crosswinds Business Park. A portion of these projects were RISE grant funded by the DOT. The remaining expenses were covered by the City, until land identified in the agreement was either developed or sold. McCoskey LP, a party to both agreements, is in the process of selling all of the property they own in the Crosswinds Business Park (approx. 65 acres) to a third party. As part of this transaction and in accordance with each agreement, both the planning funds and infrastructure funds associated with the McCoskey, LP property will be repaid in full to the City. This agreement releases this property from these agreements, as all obligations will have been met once payment has been received. This action will remove the liens on the property for the benefit of the new property owner. |