Title
RESOLUTION APPROVING MATTERS RELATING TO THE SALE AND DEVELOPMENT OF AUTHORITY PROPERTY AT THE FORMER MILE HIGH GREYHOUND PARK INCLUDING AN AMENDED AND RESTATED PHASED REDEVELOPMENT AGREEMENT FOR THE FORMER MILE HIGH GREYHOUND PARK AND A PURCHASE AND SALE AGREEMENT AND PROVIDING FOR OTHER RELATED MATTERS
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Summary and Background Information:
The Mile High Greyhound Park redevelopment agreements are scheduled for CCURA Board action on June 17. The agreements include Purchase and Sale Agreement with the Escrow Agreement attached as an exhibit, Modified Master Developer Agreement, and Owner’s Rep Agreement.
The City is a party to the Escrow Agreement since the City must place $2.5 million into escrow for the improvements to the regional storm water detention pond. The construction of the regional detention pond is an obligation of the City since it serves a significant portion of the historic part of the city and only a tiny part of the dog track property. The pond construction must occur at the same time as the redevelopment of the Mile High Greyhound Park.
CCURA must also escrow funds to fill the $3.75 million gap in the LIHTC housing financing. CCURA must obtain the funds and the only likely sources of funds are the City and Adams County. A request has been made to the County for assistance.
Staff Responsible (Department Head): Roger Tinklenberg, Deputy City Manager
Staff Member Presenting: Roger Tinklenberg, Deputy City Manager
Financial Impact: $2.5 million
Funding Source: General Fund
Recommended City Council Action: Motion to approve Resolution 2019-58 approving the Mile High Greyhound Park Purchase and Sale Agreement.