Title
Resolution to Approve Amendment No. 6 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 was last amended on August 5, 2010. The last amendment (Amendment No. 5) extended the term of the Option to June 1, 2011, subject to the authority granted to the City Administrator to extend the timeline for a period of ninety days, which authority was exercised establishing a new termination date of August 30, 2011.
The City Administration, the City Attorney’s office, and representatives of the Downtown Development Authority and Village Green Residential Properties, LLC have been meeting on a regular basis since the passage of Amendment No. 5 to the Option was approved by City Council. Significant progress has been made on the project since August 2010. During this period --
· Council authorized General obligation Bonds (Parking Facility Capital Improvement Bonds) in connection with the project (R-10-358)
· Council, the DDA, and Village Green negotiated, approved and executed the Amendment No. 2 to the Parking Agreement between the parties (R-11-053)
· Village Green provided the City with construction financing documentation (including binding commitments)
· Negotiation of the condominium documents and completion of the design/development plans for the project
A key issue for agreement was a mutual acceptance of the foundation design, specifically how it would handle the below ground water table. Since this project is in the Allen’s Creek area the water table and flooding issues are of great importance to the City and the developer. The City, working with the DDA, desired a “bathtub” design for areas where the water table could rise to meet the...
Click here for full text