Title
Scaleybark Development Agreement Amendment
Action
Action:
A. Approve the third amendment to the General Development Agreement and the seventh amendment to the Purchase and Sale Agreement with Scaleybark Partners, LLC, and
B. Authorize the City Manager to execute any additional documents necessary to implement the amendments.
Body
Staff Resource(s):
Tina Votaw, CATS
Todd DeLong, Neighborhood & Business Services
Explanation
* Scaleybark Partners, LLC is working on the design and construction of a transit-oriented development (TOD) on approximately 25 acres it owns west of the Scaleybark Light Rail Station. The TOD site includes property that was conveyed to Scaleybark Partners, LLC by the City through a Purchase and Sale Agreement, as amended.
* The parking lot operated by CATS that serves the Scaleybark Light Rail Station occupies a portion of the TOD site. The CATS parking lot is operated as a temporary lot with the intention of the City and Scaleybark Partners, LLC that permanent CATS parking spaces be integrated into the overall TOD. The cost of the permanent CATS parking spaces will be borne by Scaleybark Partners, LLC. The Purchase and Sale Agreement, as amended, anticipated delivery of the permanent CATS parking spaces by February 2016.
* Scaleybark Partners, LLC envisions that the TOD will be developed in two phases. The location of the permanent CATS parking will be completed and designed as part of the second phase of the TOD. The design of the second phase of the TOD is underway but will not be completed in time to deliver the permanent CATS parking by the deadline of February 2016.
* Scaleybark Partners, LLC has requested an extension of the deadline to deliver the permanent CATS parking by two years from February 2016 to February 2018.
* Staff recommends approval of the time extension through a seventh amendment to the Purchase Sale Agreement and a third amendment to the General Development Agreement (both doc...
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