Title
Scaleybark Development Agreements Amendment for Extension of Time
Action
Action:
A. Approve a 90 day extension to the General Development Agreements with Scaleybark Partners, LLC (“Developer”) to extend the development completion obligations to March 30, 2018
Body
Staff Resource(s):
Mike Davis, Engineering & Property Management
John Lewis, CATS
Pamela Wideman, Housing & Neighborhood Services
Explanation
§ In June 2007, City Council approved a Purchase and Sale Agreement, and additional related agreements, with the Scaleybark Partners, LLC for the sale of 16 acres of land to construct a transit-oriented development (TOD) at the LYNX Scaleybark Light Rail Station. The Developer closed on the property 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% of the area median income,
- Completion of a temporary Park & Ride facility for CATS riders,
- Completion of a permanent Park & 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, Scaleybark Partners, LLC has accomplished the following:
- Master-planned the development to include office space, retail, hotel rooms, and multifamily and townhome units,
- Completed the temporary Park & Ride facility,
- Completed the Linear Park open space,
- Completed the streetscape improvements along South Boulevard,
- 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 & Ride facility.
§ Staff requests a 90-day extension in order to renegotiate the existing deadlines with the Developer and finalize the vision for the Scaleybark Development.
§ Once negotiations are complete, staff will return to Council on or before March 30, 2018 to review and approve the amended and restated development agreements.
Fiscal Note
Funding: Not Applicable.
Attachments