Mayor Alvin Brown is scheduled to sign legislation Wednesday to enact two economic redevelopment agreements with Pope & Land for the Riverside Park development in Brooklyn, according to emails about the announcement.
The ceremony is planned for 10:45 a.m. Wednesday at the project site between Jackson and Stonewall streets.
The two economic redevelopment agreements were approved Dec. 11 by City Council.
The City's portion of the investment will be $7 million, consisting of a $5.2 million Recapture Enhanced Value grant, also known as a REV grant, and $1.8 million in infrastructure improvements.
The City pays REV grants in installments to developers after they pay property taxes.
As part of a waiver, the Pope & Land REV grant is equal to 75 percent of the incremental property taxes on the development for 20 years. Standard policy limits REV grants for market-rate residential projects to 75 percent of incremental value for the first five years, then 50 percent for additional five years, according to the legislation summary.
The $1.8 million will be applied toward constructing roadway and utility improvements, with the City waiving its procurement code for the improvements.
The project will redevelop a portion of the Brooklyn neighborhood by creating 300 housing units along Park Street and 65,000 square feet of retail space along Riverside Avenue.
The residential component awaits final approval from the City Downtown Development Review Board. The retail has not received conceptual approval yet.
The project is the second in the Brooklyn area.
The 220 Riverside project by NAI Hallmark Partners broke ground in mid-November and will consist of 294 multifamily units and 18,000 square feet of retail space.