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RESOLUTION APPROVING PHASED REDEVELOPMENT AGREEMENT FOR THE FORMER MILE HIGH GREYHOUND PARK
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Summary and Background Information:
In review of the February 1, 2016 Council meeting there was a review of the Master Development Agreement (MDA) and an overview of the major MDA deal points.
Council discussed the proposed change with the school district TIF share and requested further discussion with the school district. The MDA approval was continued to allow a discussion regarding the new proposed change with the school district.
Comments were made by a new residential developer, DelWest. A request was made to have REGen meet with DelWest. The current MOU is with REGen and would ultimately be the decision of REGen to select a residential developer. REGen was asked and did agree to meet with DelWest.
February 3, 2016, REGen revised the pro forma and created a new term sheet for DelWest.
February 11, 2016, there was a joint meeting with the City, REGen and DelWest to discuss the new term sheet. DelWest stated they would provide an LOI to REGen.
February 18, 2016, the City met with Adams County School District 14 to discuss the new proposed change with the TIF share. The district acknowledges this type of development would add students, especially to Central Elementary. The district is supportive of the project keeping TIF on both commercial and residential provided that they would maintain the fee-in-lieu of land dedication and requested that the developers provide a voluntary contribution to support a modular type of classroom space at Central Elementary that includes water (with an additional ERU). Should the district pass an additional levy for a bond or override election, the new mill amounts would be part of the district tax base.
February 26, 2016, DelWest provides a first draft LOI to REGen for review.
March 4, 2016, REGen submitted a counter proposal to DelWest.
March 14, 2016, Council Meeting, continue case to April 18, 2016
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