SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving the Third Amendment to Disposition and Development Agreement with Evergreen-County Line & Erie Parkway, L.L.C. for the Erie Town Center
Department
DEPARTMENT: Economic Development
Presenter
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
end
Time
TIME ESTIMATE: 0 minutes
end
For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
N/A
Policy
POLICY ISSUES:
Whether the Town Council supports extending the Inspection Period and Approvals Period with Evergreen for an additional 90 days.
Recommendation
STAFF RECOMMENDATION:
Approve the Third Amendment to the Disposition and Development Agreement.
Body
SUMMARY/KEY POINTS
* Extends the Inspection Period and Approvals Period another 90 days to Nov. 12, 2025, and Nov. 12, 2026, respectively.
* Extension is requested by Evergreen to allow additional time to secure letter of intent from anchor grocer.
* Fourth amendment in November will formalize Inspection Period requirements before deadline and establish terms of economic incentives to be considered.
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, and again on May 13, 2025, the Town and Evergreen amended the DDA to extend the Inspections Period and Approvals Period to Aug. 14, 2025, and Aug. 14, 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 Aug. 14, 2025):
o Evergreen shall secure commitment from the Anchor Grocer, as evidenced by an executed LOI. The LOI shall be prov...
Click here for full text