SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving the Second Amendment to Disposition and Development Agreement with Evergreen-County Line & Erie Parkway, L.L.C. for the Erie Town Center
Body
DEPARTMENT: Economic Development
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
First Name Last Name, Title
TIME ESTIMATE: 10 minutes
FISCAL SUMMARY: N/A
POLICY ISSUES:
Whether the Town Council supports extending the Inspection Period and Approvals Period with Evergreen for an additional 90 days.
STAFF RECOMMENDATION:
Recommendation
Approve the Second Amendment to the Disposition and Development Agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Oct. 8, 2024, the Town of Erie and Evergreen-County Line & Erie Parkway, L.L.C. entered into a Disposition and Development Agreement (DDA) for development of the Town-owned site at Erie Town Center. On Feb. 11, 2025, the Town and Evergreen amended the DDA to extend the Inspections Period and Approvals Period to May 16, 2025, and May 18, 2026, respectively, to allow an additional 90 days for due diligence, geotechnical investigation, and securing a signed letter of intent (LOI) from our anchor grocer.
As amended, the Town Center DDA contains the following requirements:
* The "Inspections Period" (now expiring on May 16, 2025):
o Evergreen shall secure commitment from the Anchor Grocer, as evidenced by an executed LOI. The LOI shall be provided to the Town, who has 30 days to object to the Anchor Grocer, if desired.
o The Town and Evergreen will determine the purchase price for the Commercial Property and Residential Property after Evergreen has conducted due diligence, estimated their own construction costs, and identified the purchase price needed to facilitate the type/pace of development desired by Evergreen and the Town.
o Evergreen shall incorporate affordable housing options into the Residential Property, which shall include a minimum of...
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