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File #: RES 2019-012    Version: 1 Name:
Type: Resolution Status: Passed
File created: 1/16/2019 In control: Town Council
On agenda: 2/5/2019 Final action: 2/5/2019
Title: Resolution Approving a Second Amendment to Ranch and Home Supply LLC Economic Assistance Agreement (Murdoch's)
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: Murdoch’s Incentive Agreement, 2nd Amendment, 3. Attachment B: Murdoch’s Incentive Agreement, original, approved 6/05/2018, 4. Attachment C: Murdoch’s Incentive Agreement, First Amendment, approved 7/17/2018

To:                     Honorable Mayor and Members of Town Council

 

From:                     David L. Corliss, Town Manager

 

Title

Resolution Approving a Second Amendment to Ranch and Home Supply LLC Economic Assistance Agreement (Murdoch’s)

Body

________________________________________________________________________________

 

Executive Summary

 

Town staff and the EDC recommend the attached Second Amendment to Ranch Home Supply, LLC Economic Assistance Agreement. In July of 2018 Town Council approved a financial assistance agreement for Murdoch’s (a/k/a Ranch Home Supply, LLC) for their planned occupancy of the former King Soopers site off of Founders Parkway. The original agreement and staff supporting material is also attached and provided for sales tax sharing up to $300,000 as an incentive for Murdoch’s to locate at this site. A Second Amendment is needed because, while Murdoch’s has successfully pulled a building permit and is currently making the necessary tenant improvements, the original permit submission deadline was missed and Murdoch’s anticipates that they will open by May 31, 2019, rather than the May 15 in the current agreement. The delay is generally associated with construction delays and the time necessary to design and now construct the necessary improvements. Staff and EDC support this amendment because the delays were still in good faith and Murdoch’s is otherwise performing to reasonable expectations.

 

 

Recommended Action

Approve the Resolution as presented by title.

 

 

Proposed Motion

 

“I move to approve the resolution as introduced by title.”

 

Attachments

 

Attachment A:                      Resolution

Exhibit 1:                                            Murdoch’s Incentive Agreement, Second Amendment

Attachment B:                      Murdoch’s Incentive Agreement, original, approved 6/05/2018

Attachment C:                       Murdoch’s Incentive Agreement, First Amendment, approved 7/17/2018