Fiscal Note
No additional City appropriation required.
Title
Authorizing an Amendment to RES-17-00664, Authorizing the Execution of a Development Agreement with Garver Feed Mill, LLC, to modify the Closing Conditions for Lot 2 and amend the Environmental Responsibilities. (6th A.D.)
Body
WHEREAS, the Common Council adopted RES-17-00664, File #47354, authorizing the execution of a Development Agreement (“Development Agreement”) with Garver Feed Mill, LLC (“Developer”) for the redevelopment of the Garver site; and
WHEREAS, the Development Agreement called for two projects on the Garver site: rehabilitation of the Garver Building on Lot 1, and a microlodge component on Lot 2; and
WHEREAS, the City closed on the ground lease and financing for Lot 1 on December 6, 2017, which project is being developed; and
WHEREAS, the Development Agreement required that the Developer close on Lot 2 before June 30, 2018; and
WHEREAS, the Development Agreement placed certain requirements on the Developer prior to closing; and
WHEREAS, the Developer did not meet the closing requirements to the satisfaction of the City prior to the June 30, 2018 deadline; and
WHEREAS, on July 2, 2018 the City notified Developer that its rights to Lot 2 were terminated in accordance with the Development Agreement; and
WHEREAS, parties have continued to negotiate the environmental requirements and closing conditions for the Lot 2 microlodge project; and
WHEREAS, the parties seek to amend the Development Agreement in order to provide Developer new terms and conditions for the closing of Lot 2 and placing new requirements on the Lot 2 development to bring further clarification to the project construction, as well as amend the environmental provisions to simplify the working relationship between the City and Developer.
NOW THEREFORE BE IT RESOLVED, that the Mayor and City Clerk are hereby authorized to execute an amendment to the Development Agreement providing for new terms and conditions for Lo...
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