SUBJECT: Consent
Title
A Resolution of the Board of Trustees of the Town of Erie Approving the Second Amendment to the Birdhouse Development Agreement
Body
DEPARTMENT: Economic Development
PRESENTER: Ben Pratt, Economic Development Director
FISCAL SUMMARY: N/A
STAFF RECOMMENDATION:
Recommendation
Approve the resolution authorizing the Second Amendment to the Birdhouse Development Agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On December 10, 2019 the Board of Trustees approved the Development Agreement with RTR Birdhouse Holdings, LLC as a part of the approval for the Final Plat of the Town of Erie Skiba Amendment Subdivision.
Section 6(a) of the first amendment of the development agreement required the applicant to provide the Town with a surety bond in the amount of $92,500 and the developer was to replace the surety bond with a letter of credit in the amount of 115% of the cost listed in Exhibit B (the “Estimated Costs”). The surety bond and letter of credit are collectively referred to as the “Improvement Guarantee” for the storm water improvements. Despite many efforts to receive a letter of credit, the Developer has been unsuccessful due in part to economic impacts of COVID-19.
Rather than requiring the Developer to submit a letter of credit, the Developer has agreed to allow the Town to place a tax lien on the property (526 Briggs) to fulfill the “Improvement Guarantee” requirements.
This Second Amendment to Birdhouse Development Agreement will modify Sections 6(a) to facilitate this action.
Board Priority(s) Addressed:
ü Engaged and Diverse Community
ü Prosperous Economy
ü Fiscally Responsible
ATTACHMENTS:
1. Resolution
2. Second Amendment