Title
Consider/Discuss/Act on a Resolution Authorizing a Deputy City Manager to Negotiate an Agreement with Jason Adams, CEO of Curious Complex for the Redevelopment of City-Owned Real Property (Primary Downtown Site of approximately 9.2-acres) in the Downtown Area for a period of 120-days.
Summary
MEETING DATE: March 4, 2014
DEPARTMENT: Development Services
CONTACT: Rick Leisner, AICP
Assistant Director of Development Services
Barry Shelton, AICP
Executive Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
* Approve the Resolution.
ITEM SUMMARY:
* Jason Adams, CEO of Curious Complex, an anchor tenant of the existing Collide Center business incubator, has requested an exclusive 120 day period, during which he plans on investigating the feasibility of, and searching for investment partners in, the development of the +/- 9.2 acre tract of land located on the southwest corner of State Highway 5 and Davis Street.
* Mr. Adams has worked with city staff to develop a preliminary plan for the +/- 9.2 acre property in which the Collide Center would become a center piece and catalyst for the development program which includes new residential and commercial uses (in single use and/or mixed use urban downtown buildings) within a compact and pedestrian-walkable design.
* Mr. Adams will provide the City of McKinney a letter defining his intention and willing agreement to negotiate exclusively with the City for this 120-day period, or on till such time negotiations are terminated.
* This area in consideration includes only what has been considered the "primary site" for downtown redevelopment of City-owned property which is +/- 9.2 acres.
* If granted the exclusive negotiation period, Mr. Adams will use the 120 days to search for investment and development partners. By the end of the 120 days, he will be required to provide answers to the following questions:
1. Who are the equity team/partners and what level o...
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