Title
Eastland Mall Redevelopment - Amendment to Extend the Pre-Development Agreement
Action
Action:
A. Authorize the City Manager to amend the existing pre-development agreement with Crosland Southeast to extend the expiration date to June 30, 2020, and
B. Authorize the City Manager to extend the agreement for up to two, six-month terms.
Body
Staff Resource(s):
Tracy Dodson, City Manager’s Office
Todd DeLong, Economic Development
Explanation
§ City Council authorized the City Manager to negotiate and execute a pre-development agreement with Crosland Southeast on October 22, 2018.
- The agreement was executed on January 14, 2019, and
- On August 31, 2019, the agreement allowed for a one time, four-month extension to December 31, 2019.
§ The scope of the pre-development agreement comprised the following:
- Community Communications and Engagement,
- Physical Site Investigation,
- Project Envisioning / Master Planning,
- Civil Engineering, and
- Fiscal Impact.
§ The total estimated cost of the work remains between $550,000 and $600,000.
§ Per the original agreement, the city shall reimburse 50 percent of the completed expenditures subject to a not-to-exceed amount of $250,000.
§ The project is progressing, and additional time is requested to finalize pre-development activities and the terms of a development agreement.
§ This extension to the agreement does not require additional funding.
Fiscal Note
Funding: General Capital Investment Plan