The 712 Initiative is in the process of putting a housing development together they want to obtain an option from the City to acquire two parcels that the City owns. 

One being the parking lot at the corner of Broadway and Scott St and the other being the parking that lies to the west of Scott Street between Broadway and Kanesville Blvd.  They want to combine these parcels with other privately held parcels in the area to build at a minimum, a 60-unit apartment complex.  There is a possibility that this will also include some mixed uses.

The 712 Initiative will pay the City $1000.00 for a five-year option.  There will be an ability to extend the option if mutually agreed to by the parties for additional consideration. 

If the project moves forward the 712 Initiative will sign a forgivable promissory note in the amount of $900,000.00 to be forgiven over a period of 10 years once the project is completed.  The option requires that there be significant development on the parcel that is at the corner of Scott and Broadway.  It may not continue to be used as parking lot

It is the recommendation of the Mayor’s office that the Mayor be authorized to execute this agreement.