Title
RESOLUTION APPROVING MEMORANDUM OF UNDERSTANDING REGARDING REDEVELOPMENT OF FORMER MILE HIGH GREYHOUND PARK
Body
Summary and Background Information:
Staff and the developer REGen have met starting March 5 to negotiate the terms of a Memorandum of Understanding (MOU). The purpose of the MOU is to provide the framework for the Master Development Agreement (MDA), and outlines issues such as what will be included in the MDA and milestones for the MDA negotiations. The structure of this MOU lays out responsibilities of the developer and the URA. It should be noted that the MOU is NOT contractually binding.
Within the MOU,
The URA commits to:
· Providing 62.5 acres of land, recognizing that the URA has an outstanding $6,750,000 debt to the City of Commerce City (the "City") related to the initial purchase and subsequent clean-up of the project site by the URA.
· Providing water rights necessary for the project, recognizing the URA does not own the water rights, but that the city has the ability to sell water rights to the project.
· Providing tax increment financing.
· Making reasonable best efforts to obtain EDA grant funding.
· Negotiating in good faith exclusively with the REGen.
· Designating a city employee as a single point of contact for the developer.
REGen commits to:
· Providing development capital.
· Providing master developer and project management services.
· Negotiating in good faith with the URA during the term of the memorandum to provide for the URA's desired redevelopment of the project.
· Performing initial site review, entitlement review, market review of initial retail, commercial and residential development and providing the results of such work to the URA.
· Including the URA in the iterative process of identifying issues related to the pro forma and prove-up period.
· Designating a developer representative as a single point of contact for the URA.
· Within 60 days ...
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