Title
Resolution to Approve Amendment No. 5 to the Option to Purchase Agreement with Village Green Residential Properties, LLC (8 Votes Required)
Memorandum
Village Green Residential Properties LLC has an Option to Purchase Agreement with the City to acquire and develop the City-owned site located at the corner of First and Washington. The Option Agreement was approved by City Council on February 20, 2007 and has been extend by amendment until August 5, 2010.
During this time period Village Green submitted and received approval of its Development Agreement and site plan. A three-party Parking Agreement between Village Green, the Downtown Development Authority and the City was negotiated and approved by all parties related to development and construction of the parking structure. Village Green identified its intended financing partners and provided offers of financing commitments from those partners and aggressively pursued finalization of its construction financing plan.
On June 21, 2010, as a material inducement to the City’s agreement to extend the term of the Option to August 5, 2010 and proceed with the transaction contemplated by the Option, Village Green was required to meet with and agree to certain Project Milestones and Project Goals determined by the City Administration as necessary for the consummation of development, construction and operation of the site as residential housing with designated affordable housing units and a multi-level parking garage.
The attached timeline has been reviewed by Finance, Planning, Building and the City Attorney’s Office staff and agreed to by Village Green. In addition five specific Project Milestones have been identified which will provide performance measures for continued progress in completion of those Milestone and appropriate remedies for termination of the Option should Village Green fail to comply with the established timelines. These Milestones are:
1. The condominium subdivision plan must be subs...
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