The proposed project would be on the west side of South Palm Canyon Drive, between Sunny Dunes Road and Mesquite Avenue, and would be developed by J.B. Gold doing business as Schlps LLC, city officials told GlobeSt.com.
The city had previously approved a development agreement for the site, but the project "had a significant financing gap," according to a city council 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 by the project over 18 years. The development agency says the project "is extremely attractive and would provide an economic jump-start to the South Palm Canyon area."
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