Title
Consider/Discuss/Act on a Term Sheet in conjunction with a Fourth Amended and Restated Development Agreement with Trinity Falls Holdings, LP
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: May 4, 2021
DEPARTMENT: Development Services
CONTACT: Paul Grimes, City Manager
Michael Quint, Executive Director of Development Services
Kim Flom, Assistant City Manager
Barry Shelton, Assistant City Manager
Mark Houser, City Attorney
Jennifer Arnold, Director of Planning
Gary Graham, Director of Engineering
Michael Kowski, Parks Director
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the proposed Term Sheet.
ITEM SUMMARY:
* The City and the Owner, Trinity Falls Holdings, LP, last amended the Development Agreement for Trinity Falls in October 2017. Since August 2020, City staff and the Developer, Johnson Development have been negotiating several amendments to the Development Agreement which address:
1. New residential product types:
2. Clarification of roadway design standards and Developer responsibilities for future roadway construction;
3. Park development obligations and locations;
4. Definitions and the process for Major and Minor Modifications to the Development Agreement;
5. School sites; and,
6. Relocation of certain commercial land uses within the Development.
As such, the Owner has worked with Staff on a Term Sheet that, if approved, will culminate into the drafting of a Fourth Amendment to the 2012 Trinity Falls Development Agreement, which will address the foregoing and provide for an updated, reformatted agreement that incorporates 9 years of prior amendments into an Amended and Restated Development Agreement. The Amended and Restated Development Agreement will be significantly more user-friendly to City staff and the Developer. The Amended and Restated Development Agreement will appear on an upcoming City Council agenda.
Development Regulations (Residential) and Relocation ...
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