TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kristin Retherford, Urban Development Dept. Director
SUBJECT:
title
Third Amendment to the Development Agreement between the Urban Renewal Agency of the City of Salem and Salem LTC Properties, LLC.
Ward(s): 1
Board Member(s): Kaser
Neighborhood(s): CANDO
Result Area(s): Strong and Diverse Economy
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ISSUE:
Shall the Urban Renewal Agency Board authorize the Executive Director to execute the attached Third Amendment to the Development Agreement between the Urban Renewal Agency of the City of Salem and Salem LTC Properties, LLC?
RECOMMENDATION:
recommendation
Authorize the Executive Director to execute the attached Third Amendment to the Development Agreement between the Urban Renewal Agency of the City of Salem and Salem LTC Properties, LLC.
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SUMMARY:
Salem LTC Properties, LLC, (Developer) has requested the Development Agreement (Agreement) (Attachment 1) be amended to extend the construction commencement and completion dates for a post-acute rehabilitation center (Project) at the corner of Front St SE and Commercial St. SE.
The Developer requested the extension because of access issues and concerns over the structural integrity of Boise Cascade remnants that impact the Project’s site.
FACTS AND FINDINGS:
The proposed Third Amendment (Attachment 2) will revise the Project commencement date from March 1, 2019, to March 1, 2020, and completion date from March 1, 2020, to March 1, 2021, to allow the Project sufficient time to be completed.
BACKGROUND:
On March 9, 2015, the Agency Board authorized the Executive Director to execute a Development Agreement (Agreement) with the Developer, principals L. Charles Bloom, Kathleen Le Vee, and Silver Gardens Real Estate, LLC (Steve Fogg, Manager), for development of the Project The site is at the north block of the former Boise Cascade site and within the South Waterfront Urban Renewal Area. The Agreement was previously amended on February 27, 2017, and April 9, 2018, extending the deadlines by one year.
Clint Dameron
Real Property Services Manager
Attachments:
1. Agreement
2. Proposed Third Amendment