The proposed project would be on the west side of South Palm Canyon Dr., between Sunny Dunes Road and Mesquite Avenue, and would bedeveloped by J.B. Gold doing business as Schlps LLC, city officials told GlobeSt.com.
The city has previously approved a development agreement for the site, but the project "had a significant financing gap," according to a citycouncil agenda item.
Under the proposed amended agreement, the city's community redevelopment agency would buy the development site using a $4.6 million loan provided by the developer, then would deed the land back to the developer for $1 and pay back the loan from tax increment generated b
y the project over 18 years.
The development agency says theproject "is extremely attractive and would provide an economic jump-start to the South Palm Canyon area."
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