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File #: RES 2019-118    Version: 1 Name:
Type: Resolution Status: Passed
File created: 10/30/2019 In control: Town Council
On agenda: 11/5/2019 Final action: 11/5/2019
Title: Resolution Approving the First Amendment to the Encore CR Downtown Redevelopment and Financing Agreement
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: First Amendment to Encore CR Downtown Redevelopment and Financing Agreement, 3. DDA Letter, 4. Presentation

To:                     Honorable Mayor and Members of Town Council

 

From:                     Robert J. Slentz, Town Attorney

 

Title

Resolution Approving the First Amendment to the Encore CR Downtown Redevelopment and Financing Agreement

Body

________________________________________________________________________________

 

Executive Summary

 

The changes affected by this First Amendment were requested by the developer and found to be necessary and acceptable by our team.

 

1. Revised start and completion dates reflect the current plans for construction of the Parking Garage (3/31/21) and the entire Project (7/31/22). These are “not later than” benchmarks and construction may proceed more expeditiously.

 

2. Instead of a letter of credit to provide Town a funding source to complete the Parking Garage in the event of a failure of the developer to do so, we will be provided a surety bond obligating the surety to complete the Parking Garage. This was actually our preferred security initially.

 

3. The General Improvement District mill levy will be first imposed in 2022. The RDA had an incorrect date of 2019. As you may recall the Council as the Board recently adopted a zero budget for 2020, consistent with no mill levy certification this year.

 

4.  The Construction Closing date is reset to November 22nd consistent with our previous advisement to Council. The RDA allows this to be extended again if necessary.

 

Staff Recommendation

 

Staff recommends approval of the Resolution as presented.

 

Proposed Motion

 

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

 

Attachments

 

Attachment A: Resolution

Exhibit 1: First Amendment to Encore CR Downtown Redevelopment and Financing Agreement