Title
Consider/Discuss/Act on a Second Amendment to the Chapter 380 Economic Incentive and Master Development Agreement with Columbus Realty Partners, LTD., Governing the Development of the Property Located on the Southeast Corner of Tennessee Street and Davis Street (9-Acre Site)
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: January 17, 2017
DEPARTMENT: Development Services
CONTACT: Michael Quint, Executive Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
• Approve the proposed amendment.
ITEM SUMMARY:
• Staff was recently contacted by representatives from Columbus Realty Partners, LTD., regarding an extension to a timeframe contained within the master development agreement governing the development of the “9-Acre Site” located on the southeast corner of Davis Street and Tennessee Street.
• Per the agreement, phase one construction on the “9-Acre Site” was to commence no later than January 15, 2017, but due to some closing timeframes for construction loans, that deadline must be pushed back to February 15, 2017.
• Staff has no concerns with the proposed modification to the master development agreement.
BACKGROUND INFORMATION:
• Columbus Realty Partners, LTD., was selected as part of a request for proposals to develop the City’s “9-Acre Site” located on the southeast corner of Tennessee Street and Davis Street.
• In February 2016, the City Council approved the master development agreement with Columbus Realty Partners, LTD., which governs the development of the “9-Acre Site.”
• The first amendment to the master development agreement was executed in June of 2016.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A