Title
Amendment Number 1 to the Disposition and Development Agreement with The Cove, LLC.
Body
RECOMMENDED ACTION (Motion):
Staff recommends that the Urban Renewal Commission approve The Cove Disposition and Development Agreement Amendment No. 1 to extend the satisfaction or waiver of preconditions date in section 3.1 and the requirements to receive the Urban Renewal Investment in Section 7.2.
BACKGROUND:
The Cove Disposition and Development Agreement (DDA) was approved on November 26, 2018. Section 3 of the DDA identifies the preconditions necessary to be met in order to proceed with the project.
Section 3.1 of the DDA states: Satisfaction or Waiver of Preconditions. The "Preconditions" described in Section 3.2 must be satisfied or waived by both parties within two hundred seventy (270) days after the Effective Date of this Agreement. If all the Preconditions are not satisfied within two hundred seventy (270) days, then either party may terminate this Agreement by written notice to the other party, which notice shall be effective twenty (20) days after delivery unless the Preconditions are satisfied or waived during such twenty-day period; provided, however, that a party may not terminate this Agreement for failure of a Precondition if that party is responsible for the delay in satisfying the Precondition, unless that Precondition remains unsatisfied for the number of days of delay added to the two hundred seventy (270) day period. If all of the Preconditions are satisfied or waived by both parties as provided herein, the parties shall proceed with their respective obligations set forth in this Agreement."
Seven (7) of the eleven (11) preconditions have been met. The outstanding preconditions are:
3.2.3 Developer shall have submitted the Land Use Approval Applications to the City.
The Developer has received land use approval for the general land use application for the project. An additional detailed development plan will be submitted for the Phase...
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