Title
Scaleybark Development Agreements Amendment for Extension of Time
Action
Action:
Approve a 60-day extension to the General Development Agreement with Scaleybark Partners, LLC to extend the development completion obligations to May 29, 2018.
Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
John Lewis, CATS
Explanation
* In June 2007, City Council approved a Purchase and Sale Agreement, and additional related agreements, with Scaleybark Partners, LLC ("Developer") for the sale of 16 acres of land to construct a transit-oriented development at the LYNX Scaleybark Light Rail Station. The Developer closed on the property, located at 3804 South Boulevard in Council District 3, on February 29, 2008.
* The original scope of the development agreements included:
* Completion of 80 affordable housing units to serve households at or below 60 percent of the area median income,
* Completion of a temporary Park and Ride facility for CATS riders,
* Completion of a permanent Park and Ride facility for CATS riders,
* Installation of open space at Linear Park, and
* Completion of streetscape improvements along South Boulevard bordering the property.
* To date, the Developer has accomplished the following:
* Master-planned the development to include office space, retail, hotel rooms, and multifamily and townhome units,
* Completed the temporary Park and Ride facility,
* Completed the Linear Park open space,
* Completed the streetscape improvements along South Boulevard, and
* Completed, in cooperation with the city, a master storm water detention pond.
* The outstanding items the Developer must deliver are 80 units of affordable housing and the permanent Park and Ride facility.
* Staff requests a 60-day extension in order to renegotiate the existing deadlines with the Developer and to finalize the development agreement for the Scaleybark Development.
* Once negotiations are complete, staff will return to Council on or before May 29, 2018, ...
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