SUBJECT: General Business
Title
A Resolution of the Urban Renewal Authority of the Town of Erie Approving the Seventh Amendment to the Disposition and Development Agreement for the Nine Mile Project
Body
DEPARTMENT: Administration
PRESENTER: Malcolm Fleming, Town Administration
STAFF RECOMMENDATION:
Recommendation
Approval of resolution
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The 7th Amendment of the Disposition and Development Agreement is with Evergreen Development and the TOEURA for the 287 - Arapahoe “Nine Mile” site. The key provisions in this 7th Amendment include:
• Establishing the final legal descriptions for the various phases of Nine Mile based on the approved plat.
• Clarifying that Force Majeure in the DDA includes COVID-19, since global health pandemics aren’t explicitly covered, although the current situation is implicitly covered through the existing government order language.
• Providing that repayment of the Ditch Relocation Advance be tied to Phase I-Retail closing instead of a fixed date.
• Providing that Residential Property closing be tied to Phase I-Retail closing instead of a fixed date.
• Shortening the notice period for the Phase I-Retail closing to 5 days from 30 days, due to the rapidly changing economic environment.
• Clarifying the two 180-day extension rights in the original DDA (Section 5.7) can be exercised due to Anchor Tenant or Bond issues.
These provisions are based on the Developer’s request due to the COVIS-19 crisis and its ensuing challenges.
Evergreen initially presented to the Board of Trustees regarding Nine Mile on October 20, 2015. The meeting video from October 20, 2015 can be view at: <https://erie.granicus.com/player/clip/1424?view_id=18>
ATTACHMENTS:
1. Resolution
2. Seventh Amendment to the Disposition and Development Agreement