This project is a joint effort between the City and PUMA Development for two main reasons: 1) Redevelopment of the former Imperial Sugar site is one of City Council’s top priorities and 2) due to the complexities of this site any development that meets this vision will require financial support to be successful.
Redevelopment of the former Imperial Sugar site is one of City Council's top priorities as it is extremely important to our residents and at the center of preserving the city’s heritage. Projects like this are expensive and complex. The City and developer will be maximizing the use of a variety of financial tools, including the City’s Economic Development Corporations, funded by a quarter-cent sales tax restricted for economic development purposes, state historical tax credits, General Fund, and private financing to meet the vision for the site.
To date, the following has been approved:
- A $5 million reimbursement agreement for pre-construction and construction costs of the Char House
- A lease agreement for a portion of the redeveloped Char House (when completed) to assist PUMA in securing private financing for the remainder of the project.