SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving the First 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): Malcolm Fleming, Town Manager
Sarah Nurmela, Planning & Development Director
First Name Last Name, Title
FISCAL SUMMARY: N/A
POLICY ISSUES:
Whether the Town Council supports extending the Inspection Period and Approvals Period with Evergreen to allow an additional 90 days for due diligence, geotechnical investigation, and securing a signed letter of intent (LOI) from our anchor grocer for the development.
STAFF RECOMMENDATION:
Recommendation
Approve the First 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, containing the following requirements:
* Prior to Feb. 15, 2025 (the "Inspections Period"):
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 12% of the residential dwelling units to be affordable to households earning 80% AMI or less. ?
* Prior to Feb. 15, 2026 (the "Approvals Period"):
o Evergreen shall secure binding commitment from the Anchor Gro...
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