Title
Mile High Greyhound Park Tract B Update
Body
Summary & Background
On August 14, 2023, the Urban Renewal Authority of the City of Commerce City, Colorado (CCURA) entered into a Purchase and Sale Agreement (PSA) with DPC Companies regarding the acquisition and subsequent redevelopment of Tract B, a 6 acre tract of land located in the southwest corner of Mile High Greyhound Park. Consistent with the PSA, DPC Companies negotiated a six-month period to market and inspect the property (Marketing and Final Inspection Period). The Marketing and Final Inspection Period expires on February 12, 2024 at which time DPC Companies initial deposit of $150,000 becomes nonrefundable with the exception of certain milestones as outlined in the PSA. With recent activity from retail tenants interested in locating on Tract B at Mile High Greyhound Park, DPC Companies is requesting a 120 day extension to the Marketing and Final Inspection Period before their initial deposit becomes nonrefundable.
Staff will provide a presentation on the status of the PSA and what has been accomplished during the Marketing and Final Inspection Period. If the Board directs staff to amend the PSA to accommodate the request from DPC Companies, staff will bring the amendment to the Board on February 12 for formal consideration.
Staff Responsible (Department Head): Bill Aiken, Director of Urban Renewal
Staff Presenting: Bill Aiken, Director of Urban Renewal
Financial Impact: NA
Funding Source: NA
Staff Recommendation: NA
Suggested Motion: NA