City of Brighton - File #: ID-291-17

• File #: ID-291-17
• Version: 1
• Type: Resolution
• Status: Agenda Ready
• File created: 8/7/2017
• In control: City Council
• On agenda: 8/15/2017
• Title: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRIGHTON, COLORADO, APPROVING CERTAIN ECONOMIC INCENTIVES TO 76 COMMERCE CENTER, INC., FOR ITS CONSTRUCTION OF APPROXIMATELY ONE MILLION SEVEN HUNDRED SEVENTY THOUSAND (1,770,000) SQUARE FEET OF INDUSTRIAL AND COMMERCIAL BUILDINGS (THE “PROJECT”), IN THE FORM OF A FIFTY PERCENT (50%) REDUCTION IN BUILDING USE TAX ON CONSTRUCTION MATERIALS FOR THE CONSTRUCTION OF THE PROJECT, ESTIMATED TO BE SEVEN HUNDRED FIFTEEN THOUSAND DOLLARS ($715,000), SUBJECT TO THE REQUIREMENTS AND CONDITIONS SET FORTH IN THE AGREEMENT FOR ECONOMIC INCENTIVES; SETTING FORTH THE REQUISITE FINDINGS RECOGNIZING THE VALID PUBLIC PURPOSE AND COGNIZABLE BENEFIT JUSTIFICATIONS FOR SUCH ECONOMIC INVENTIVE; APPROVING THE AGREEMENT FOR ECONOMIC INCENTIVES; AND AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY AND THE CITY CLERK TO ATTEST THERETO; AND SETTING FORTH OTHER DETAILS RELATED THERETO

Date	Ver.	Action By	Action	Result
8/15/2017	1	City Council

ECONOMIC DEVELOPMENT
STAFF REPORT
To:
Mayor Richard McLean and Members of City Council

Through:

Clint Blackhurst, Acting City Manager
Marv Falconburg, Assistant City Manager of Development



Prepared By:
Michael Martinez, Economic Development Director

Date Prepared:
August 15, 2017

Requested Action:
Consideration of Economic Incentive Agreement with Hyde Development


PURPOSE:
To consider a request by Hyde Development for certain City of Brighton economic incentives in an estimated amount of $715,000.

BACKGROUND:
Hyde Development has proposed the development of a new industrial park to be located within the Bromley Business Park Northeast of I-76 and Bridge St. The new industrial park will house up to six (6) buildings, each varying in size totaling an estimated 1,600,000 square feet making it the largest industrial development in Brighton to date.

Hyde Development, an experienced national developer, has been considering the Denver Metro market for over two years, and it became evident that Brighton would be an excellent choice to locate their next industrial business park based on location, access to major highways, visibility, workforce availability and other factors. Over the past year, the Brighton Economic Development Corporation along with City staff have worked with Hyde Development and partners to identify reasonable solutions to challenges they have faced with respect to the development of the project in Brighton. We have successfully navigated through the issues that have been presented, and are confident this development will be a success in Brighton.

A development of this nature is crucial to the continued growth of Brighton and presents new opportunities along the I-76 corridor that will contribute greatly to the Brighton Economy. The potential for new primary employers including manufacturing, aerospace, and logistics is evident with a development of this size and the development will be a highly visible regional asset. Currently, th...