Title
Amendment Number 1 to the Disposition and Development Agreement with The Cove, LLC.
Body
RECOMMENDED ACTION (Motion):
Action 1:
Staff recommends that the Urban Renewal Commission approve the reimbursement of the land use application fees as requested by the Developer.
Action 2:
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:
At the August 21, 2019 Urban Renewal Commission meeting the Commission requested that the Developer be present at a September meeting to present a project update and address questions (powerpoint presentation included as attachment 1.
At the request of the Commission, the Developer has agreed to amend Section 7.2 to include the following language: As of the date of this amendment (September 18, 2019) no additional urban renewal investment of the six hundred ninety-five thousand dollars ($695,000) identified in this section shall be made to the Developer until all of the preconditions identified in Section 3.2 have been met or waived and, as described above, such payment shall occur no later than three hundred sixty (360) days after the Effective Date (November 26, 2018).
The Developer has requested that the Urban Renewal Commission allow for the reimbursement of the land use application fees once the application has been submitted, which are estimated to be approximately $70,000. Prior to the Developer submitting the land use application, the Urban Renewal Commission will have approved the application. The proposed reimbursement is a reasonable request considering that the Developer is submitting an application on Urban Renewal property, the Urban Renewal Commission would have approved the land use application submittal and the Disposition and Development Agreement specifically identifies l...
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