City Council to Discuss Ivy Market Property - WNCT

City Council to Discuss Ivy Market Property

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Roanoke City Council will discuss the vacant lot next to the Ivy Market building tonight.

That's the space that used to house Ukrops on Franklin Road.

The building and lot are both owned by Ivy View L.L.C.

  The company is asking City Council for permission to take control of storm water drainage on the property.

Right now, the city has it's storm water drainage system running right through the middle of the vacant lot.

Ivy View says that if it controls the system, it can flatten the land which will make it easier to develop.

The company says it's currently talking with businesses that are interested in both properties.

Roanoke City's Economic Development Department says the Franklin Road corridor is an important region to develop.

It even signed a performance agreement with Ivy View in 2012 stating that the company could receive up to $5,500,000.00 in grant money over a ten year period.

Some conditions do have to be met for Ivy View to receive that money starting in the second year of the agreement.

By July 2014, Ivy View would have to complete the storm water drainage system on the property.

The entire facility would also have to be operating with retail space making up at least 50%.

Currently, there are no retailers in the Ivy Market building.

If these conditions are not met, the company cannot receive money from the agreement in the future.

City Council will discuss the company's request at 7pm.

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