After a long discussion the City Council unanimously approved an ordinance on first reading to appropriate $6.25 million in general fund dollars to acquire property for the South Catalyst project. The proposed project, a partnership with the Michaels Development Company and Larimer County, is expected to result in a major redevelopment of the area between Lincoln and Cleveland between 2 and 3 streets. The plan calls for mixed-use development including office, residential and retail.
The total investment is expected to generate between $50 to $70 million. Staff identified the Michaels Development Company as a private sector development partner for the project and Council approved a six-month exclusive right to negotiate in February of 2014.
The City has eight properties under contract with closing scheduled for the first week of December. Three additional properties have a tentative agreement. The remaining seven properties are in negotiation.