Title
Resolution to Approve Amendment No. 4 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 Council on February 20, 2007 and will expire on June 30, 2010.
Under the terms of the Option Agreement the Developer was required to meet certain project goals and demonstrate measurable progress towards developing the property in order to exercise the Option. At this point in the project the Developer has:
? Completed the site plan process. Approved sealed site plans are on file with the City. The Development Agreement for the property has been approved.
? An approved Parking Agreement between the Developer, the City and the DDA has been executed.
? Public Meetings were held early in the design process with the community and involved citizen groups like the Downtown Citizens Advisory Board.
When the Option term was extended in May 2009, the Developer demonstrated, based on the unanticipated U.S. financial market downturn at that time, reasonable progress toward obtaining the necessary financing for the project. The Developer has now identified its intended financing partners to the City and provided the City with offer of commitment letters from those financing partners. Village Green anticipates continued progress toward finalizing its construction financing plan with these partners over the next few months.
Recognizing the Developer’s satisfaction of preliminary project goals to exercise the Option as well as the City’s need for continued measurable progress, the Administration is recommending the amendment of the current Option term for thirty-six days (coinciding with the August 5, 2010 City Council meeting) to allow the Developer, the Administration and the City Attor...
Click here for full text