The Cornerstone Commons redevelopment proposal for the vacant Keystone auto property along Johnson Drive in Mission will come back to the city council this month after being pulled from the agenda in July.
Developer Dave Christie said city staff asked him to refine his proposal for a Community Development District to support the project. Originally, Christie was asking for a “pay-as-you-go” CID, which would collect up to $2.5 million and could run as long as 22 years. The money would come from an additional one percent sales tax on transactions at the site. That has been modified to $2 million maximum reimbursement, Christie said.
His development proposal also contains a clawback provision that requires Christie to return money if by 2018 he cannot comply with two provisions in the city’s form-based code: one for an underground parking area and another to have second-floor tenants over the initial businesses.
The development, as presented to a council committee in July, proposes a Natural Grocers store in one building and up to three restaurants in a second building.
Christie’s plan was approved by the committee, although some councilors were skeptical that the CID had sufficient support. The scheduled vote was pulled from the July council agenda. Christie expects it to come up this month with the revisions. He has said the project is impractical without the CID.
Christie said he has moved back the closing on the property which had been scheduled for the middle of this month. He told the council previously that all the tenants are lined up and he is ready to break ground.