Addison Grove (Sam’s Redevelopment) City Council Meeting January 26,2016 1.

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Presentation transcript:

Addison Grove (Sam’s Redevelopment) City Council Meeting January 26,2016 1

Case for Support Expedites the redevelopment of the site eliminating “Broken Window Theory.” Increases revenue for Town (ad valorem, storm water, water, and sewer charges). – Sam’s DCAD real property ad valorem revenue: $56, – Redevelopment potential ad valorem revenue: $701,

Case for Support Creates population density to drive traffic to retailers west of Midway. Proposed project provides more fee-simple properties than original redevelopment plans developed by consultants. Helps meet demand for high-end housing stock for local employees. – Addison median home value: $273,000 – Addison Grove home value: $400,000 3

Case for Support Positively impacts surrounding properties by increasing their value. Five-year phase-in construction. Council goals: Increase property values (make revenue less dependent on sales tax), attract new business to Addison, create raving fans for Addison. 4