Title
Eastland Yards Master Development Agreement Amendment
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate and execute a contract amendment to the Master Development Agreement with C4 Development, LLC (a Crosland Southeast Affiliate) to amend terms associated with the purchase price, transaction process, and schedule outlined in the conveyance of options to C4 Development, LLC for the purchase of certain portions of real property (hereinafter "Private Development Parcels") defined in the Master Development Agreement and located along Central Avenue between North Sharon Amity Road and Wilora Lake Road, commonly known as the Eastland Yards,
B. Authorize the City Manager, or his designee, to amend the contract consistent with the purpose for which the contract and this amendment were approved, and
C. Adopt a resolution amending the Master Development Agreement with C4 Development, LLC.
Body
Staff Resource(s):
Shahid Rana, Economic Development
Todd DeLong, Economic Development
Background
* The city purchased approximately 80.4 acres of the former Eastland Mall property in August 2012 as an opportunity to aid economic development and neighborhood revitalization in the area. The mall structure was demolished in 2013.
* In September 2018, the Economic Development Committee voted unanimously (Mitchell, Driggs, Harlow, Mayfield, Newton) to direct staff to engage exclusively with the development team led by Crosland Southeast, LLC (Developer) to work through the terms of a pre-development agreement, which would outline the necessary site work to start a joint redevelopment effort between the city and the development team.
* Throughout 2019, the city partnered with the Developer to lead a robust and broad outreach effort for more inclusive community engagement.
* In June 2020, City Council approved rezoning the city's approximately 69 acres as well as an additional 7.96 acres under contract by the Developer located at 5745 Central Avenue...
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