Title
Consider/Discuss/Act on a 2022 Amended and Restated Development Agreement and a 2022 Amended and Restated Park Development and Disbursement Agreement with Trinity Falls Holdings, LP
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: September 6, 2022
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 2022 Amended and Restated Development Agreement and the proposed 2022 Amended and Restated Park Development and Disbursement Agreement.
ITEM SUMMARY:
* The City and the Owner, Trinity Falls Holdings, LP, formally amended the Development Agreement for Trinity Falls in October 2017. From August 2020 through May 2021, City staff and the Developer, Johnson Development negotiated 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.
On May 4, 2021, the City Council approved a Term Sheet which contained all of the above amendments. At that time, staff was directed to prepare a cumulative amendment of all prior amendments to the 2012 Trinity Falls Development Agreement, which will address the foregoing and provide for an updated, reformatted agreement that incorporates 10 years of prior amendments into an Amended and Restated Development Agreement (the "ARDA"). The Amended and Resta...
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