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File #: RES 2019-123    Version: 1 Name:
Type: Resolution Status: Passed
File created: 11/25/2019 In control: Town Council
On agenda: 12/3/2019 Final action: 12/3/2019
Title: Resolution Approving the Second Amendment to the Encore CR Downtown Redevelopment and Financing Agreement
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: Second Amendment to Encore CR Downtown Redevelopment and Financing Agreement, 3. Presentation

To:                     Honorable Mayor and Members of Town Council

 

From:                     Robert J. Slentz, Town Attorney

 

Title

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

Body

________________________________________________________________________________

 

Executive Summary

 

The Board of the Town of Castle Rock Festival Park Commons General Improvement District approved the Second Amendment to the Encore CR Downtown Redevelopment and Financing Agreement on December 3, 2019.

 

The changes effected by this Second Amendment reflect comments by the Project developer’s construction lender. Principally the lender asked the Town to acknowledge that the lender should have first recourse to assume construction of the Parking Garage should the developer default in its construction obligation under the Redevelopment Agreement (“RDA”). Additionally, we have acknowledged that the lender is an intended beneficiary under the RDA which entitles the lender to enforce the RDA and to consent to any future changes to the RDA. Finally, we added an acknowledgment that prior to the completion of the Parking Garage, any remnant parcels which are not in the General Improvement District will be included. Principally this results from the vacation of Town right of way at the time of the upcoming Construction Closing.

 

Staff Recommendation

 

Staff recommends approval of the Resolution as presented.

 

Proposed Motion

 

“I move to approve the Resolution as presented.”

 

Attachments

 

Attachment A: Resolution

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