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
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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