Mr. Alex Brown representing Northgate Properties gave an update on the Polaris Pointe/Copper Ridge project.
Mr. Bob Cope entered the meeting.
The development highlights were as follows:
600,000 sq. feet of development completed or actively under development.
Over 1,500 jobs created within the development.
Between 500 and 1,000 construction workers on-site.
Assessed value has gone from $1.5 million to over $13 million.
Sales tax revenues have increased from a base of $30,000/year to over $400,000/year (1% collection rate).
Phase 1 is 80% developed; Northgate Plaza and Phase 2 now developing along Voyager frontage and Spectrum Loop.
70,000 sq. feet comprised of grocer-Sprouts/Ace Hardware/25,000 sq. feet of inline retail space acts as a second anchor (fulfills the requirement by City Council).
Construction activity by the metro district, Spectrum Loop and Voyager overlay are the two projects that are currently underway with half of Voyager overlay already completed, funded and paid for.
Early action items – relocation of utility lines that will go under Powers Blvd.
Mr. Alex Brown stated that the projects were developing in pace with the schedule. Both commercial banks, Compass Bank and US Bank estimated the borrowing capacity of the project as it stands today at $30-35 million.
Commissioner Merv Bennett suggested that City Council should also be updated on the project at a City Council Work Session.