An existing plan and agreement linked to the Block 59 development are being amended to accommodate a new, undisclosed retailer interested in signing a lease within the business district associated with the project.
The core change relates to the amount of reimbursement Brixmor Property Group, the developer behind Block 59, can receive in exchange for redevelopment improvements within the district.
When the agreement was signed in 2023, the reimbursement over a maximum of 23 years was set at $13.4 million. The amendment, contingent on the new tenant signing the lease, adds $1.85 million to the amount, bringing the total to $15.25 million. A 1% sales tax is in place within the district in conjunction with the plan and agreement.
‘A home goods and furniture-type use’
Rich Dippolito with Brixmor went before the city council at its Tuesday, June 16, meeting and explained the rationale behind the requested amended business district plan and business district redevelopment agreement documents…