On Monday, May 20, 2024, the Manassas City Council will hold a joint meeting with the Economic Development Authority (EDA) to discuss the pending purchase of the Manassas Shopping Center. The City and the EDA are entering into a cooperation agreement for the acquisition and future redevelopment of the property
Tonight’s meeting will focus on finalizing the details of this cooperation agreement, ensuring both the city and EDA are aligned on the purchase and future plans for the Manassas Shopping Center. Overall, Mathis Avenue, on which the shopping center sits, has long been slated for redevelopment.
The EDA, established by the City Council, signed a contract with Four Taylor’s, LLC on March 13, 2024, to purchase the Manassas Shopping Center, located at 9002Mathis Avenue.
The City has committed funds to support the EDA’s acquisition, which aims to redevelop the property for mixed-use purposes. This redevelopment is intended to complement and protect community quality. Due to existing lease agreements, immediate redevelopment is not feasible, and the EDA will manage the property until redevelopment is viable.
The cooperation agreement outlines several key points:
1. Funding and Acquisition: The City will provide the funds for the EDA to purchase the property at the agreed price of $16 million
2. Contract Amendments: The city must approve any material amendments to the purchase contract, such as price increases.
3. Management and Operations: The EDA will retain a commercial property management firm to handle day-to-day operations and will maintain a separate operating account for revenues and expenses.
4. Financial Oversight: The EDA will produce an annual budget and monthly profit and loss statements. The city will cooperate with the EDA to address any financial deficiencies.
5. Property Maintenance: The EDA will ensure the property is maintained in accordance with City and State regulations and will pay for insurance and taxes if applicable.
6. Leasing and Use: The EDA has the authority to enter into commercial leases and use agreements for the property, with City approval required for long-term leases.
The agreement also includes provisions for the city to use the property for temporary needs and for cooperation in community engagement regarding the property’s future use and redevelopment. The meeting begins at 5:30 p.m. at the city’s Public Safety Facility, 9608 Grant Avenue.
In 2022, city officials said drivers on Mathis Avenue will see the center turn lane replaced with a landscaped median featuring trees and a raised concrete barrier. This $7 million project aims to reduce the road to one lane in each direction, which city officials hope will spur new development along the half-mile stretch between Sudley Road and Liberia Avenue.
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