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:
At the September 18, 2019 Urban Renewal Commission meeting representatives from The Cove, LLC presented an update on the status of the project. The Urban Renewal Commission tentatively approved amendments to the existing DDA that included the following:
A. The Commission and the Developer wish to extend the timeline of the date to meet the preconditions in Section 3.1 - Satisfaction or Waiver of Preconditions of the DDA to May 20, 2020; and
B. The Developer shall return to the Commission no later than February 5, 2020 to provide an update on the status of meeting the outstanding preconditions in Section 3.2 of the DDA, at which time the Commission may choose to begin termination of the DDA should substantial progress towards meeting the preconditions of Section 3.2 has not be made; and
C. The Commission and the Developer agree that the land use submittal fees for the land use application may be reimbursed provided such payment shall occur no later than three hundred sixty (360) days after the Effective Date of the original DDA (November 26, 2018). Three hundred sixty (360) days from the Effective Date of the original DDA is November 21, 2019. Other than the reimbursement to the Developer for the land use application fees, there shall be no additional reimbursement of funds to the Developer, as identified in Section 7.2 - Urban Renewal Investment, until all of the preconditions identified in Section 3.2 of the DDA have been met or waived.
The proposed Amendment Number 1 to the Disposition and Development Agreement with The Cove, LLC (attachment 1...
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