TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kristin Retherford, Urban Development Dept. Director
SUBJECT:
title
Amendment to Development Agreement with Koz On State Street LLC
Ward(s): 1
Board Member(s): Kaser
Neighborhood(s): CANDO
Result Area(s): Strong and Diverse Economy; Welcoming and Livable Community.
end
ISSUE:
Shall the Agency Board authorize the Executive Director to execute the attached amendment to the development agreement with Koz On State Street LLC?
RECOMMENDATION:
recommendation
Authorize the Executive Director to execute the attached amendment to the development agreement with Koz On State Street LLC.
body
SUMMARY:
On February 14, 2014, the Agency entered into a development agreement (Agreement) (Attachment 1) with State Street Square LLC (Linda Nishioka, member) for the sale and development of real property located at 129 Commercial Street SE. On June 17, 2019, the Agency consented to the assignment of the Agreement from State Street Square LLC to Koz On State Street LLC (Cathy Reines, member) (Developer). Development of the site is imminent, but it is necessary to amend the Agreement to remain in compliance.
FACTS AND FINDINGS:
Staff and Developer have negotiated an amendment to the development agreement to extend the deadline for the developer to pay the purchase price for the property, and the dates by which the developer must commence and complete construction of the project (Amendment) (Attachment 2). Key terms of the Amendment are below.
Revised payment date: February 14, 2021
Development commencement date: October 1, 2019
Development completion date: September 30, 2022
BACKGROUND:
Sale proceeds from the transaction will be returned to the Riverfront-Downtown Urban Renewal Area. A related staff report assigning and amending the Promissory Note for this transaction is also on the agenda for Agency consideration.
Clint Dameron
Real Property Services Manager
Attachments:
1. Agreement
2. Proposed Amendment