A City Council public hearing regarding the city’s proposed agreement with Exact Capital Group to revitalize two shuttered Downtown theaters and build adjacent apartment units will take place Tuesday 7 p.m. in the auditorium of Geraldine Johnson School, 475 Lexington Avenue. See Land Development Agreement submitted to the council last month here. Full agenda here.
Manhattan-based Exact Capital and affiliates propose to transform the closed Poli and Majestic theaters and 200-room Savoy Hotel into a $400 million multi-purpose performing arts center involving high-rise residential towers on several Downtown parcels including Main, Water, Golden Hill, Gold, Middle and Housatonic. The Planning and Zoning Commission has approved sale of the multiple parcels associated with the project.
The development document approved by the Contracts Committee spells out a litany of weary legal jargon, development language, timelines, responsibilities, parcel transfers, price determination and includes Exact Capital’s proposal that was accepted by city staff as the preferred developer. That document covers greater details of the development, approximated rental costs, conceptual financing, bank referral letters, renderings, images, teaming arrangements with Aufgang Architects and Building Conservation Associates.
Carpenters Union official Glenn Marshall is scheduled to address the council during the public-speaking portion of the meeting to urge good paying jobs and careers for hundreds of Bridgeport area members he represents. More than 100 of his members, a majority from Bridgeport, worked on the Bass Pro Shops that is the anchor to the Steelpointe Harbor redevelopment on the East Side. For more on a potential Project Labor Agreement see here.
Also, several financial matters appear on the City Council agenda:
Budget and Appropriations Committee Report re: Approval of General Obligations Bonds–To Fund the Unfunded Accrued Liability due to the Connecticut Municipal Employees’ Retirement System (MERS).
Budget and Appropriations Committee Report re: Approval of General Obligation Bonds–To Fund Certain Capital Improvement Projects.
Budget and Appropriations Committee Report re: Approval of General Obligation Bonds–To Refund Certain General Obligation Bonds.
Budget and Appropriations Committee Report re: Approval of Tax Anticipation Notes (TANS)–To Pay Current Expenses and Obligations of the City – FY 2018.
Budget and Appropriations Committee Report re: Approval of Additional Capital Project Authorization to the 2018-2022 Capital Plan.