SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving the Conveyance of Certain Real Property to the Developer of the Nine Mile Corner Development
Body
DEPARTMENT: Economic Development
PRESENTER: Lucas Workman, Economic Development Coordinator
TIME ESTIMATE: 10 minutes
only required for non-consent items
FISCAL SUMMARY: Revenue of $1,025,778
STAFF RECOMMENDATION:
Recommendation
Approve the resolution allowing for the conveyance of the Retail-Property Phase 2 to Evergreen 287 & Arapahoe L.L.C.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie Urban Renewal Authority ("TOEURA"), the Town of Erie and Evergreen 287 & Arapahoe LLC ("Evergreen") entered into a Disposition and Development Agreement for the Nine Mile Corner development dated March 22, 2016 (the "DDA"). The 6th Amendment, executed in October 2019, established the purchase price and the legal descriptions for the various phases of Nine Mile site. In late 2020, the sale of Phase 1-Retail for $1,016,870.00 was executed when the Lowe's anchor was secured. Evergreen will be purchasing Retail-Property Phase 2 from the TOEURA in order to accommodate the newly secured 103,000 sf second anchor to the Nine Mile site, King Soopers.
Staff estimate the revenue from this sale will be $1,025,778 based on the $3.00/sf price provided for in the DDA multiplied by the size of lot 10 (the parcel being sold), which is 341,926 sf. This revenue will accrue to the TOEURA. The purchase price and considerations for conveyance is detailed in section 5.1(c) of the 6th amendment (See below). The revenue from the sale is only an estimate at this time because deductions for public right-of-way and park/open space dedications and buffers will need to be determined once a survey is conducted at a later date.
As stated in the 7th Amendment to the DDA (depicted below in Exhibit A-1), the legal description for Retail Property - Phase 2 is:
Lot 10,
N...
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