ACTION REQUESTED:
Title
Communication from the City Manager with a Request to Approve the ELEVENTH ADDENDUM to the Amended and Restated RIVERFRONT VILLAGE DEVELOPMENT AGREEMENT and to Authorize the City Manager to Execute the Document. (1st District)
Body
BACKGROUND: The City first entered into an agreement with Riverfront Village Developers, LLC on November 4, 1997. Over the intervening sixteen years, the City and developer have made a number of changes. On March 28, 2007, the Fifth Amendment provided the developer the right to construct “Phase II,” generally described as a three-story office building on the “N-2” pad. On November 24, 2014, the City Council extended the deadline for Phase II until December 31, 2015.
In light of the continued economic recession and weakness in the local office market, the City and developer wish to extend the deadline for Phase II until December 31, 2017. All other provisions of the original agreement(s) remain.
FINANCIAL IMPACT: None immediately. Should Phase II be constructed in the future, the City would see revenues from additional taxes.
NEIGHBORHOOD CONCERNS: Unknown, but there has not been neighborhood concern regarding Phase II or previous extensions.
IMPACT IF APPROVED: The deadline will be extended.
IMPACT IF DENIED: The deadline will not be extended. The City could lose the real estate tax and other financial benefits from this phase of the project if the deadline passes and developer does not proceed, or the developer, facing the risk of losing this right, might proceed to develop an inferior option prior to the current deadline.
ALTERNATIVES: None.
EEO CERTIFICATION NUMBER: Not applicable.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Lively Downtown/Warehouse District
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: City Manager's Office