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Mile High Greyhound Park Update
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Summary and Background Information:
This memo has been prepared in lieu of a traditional packet and Board Communication. A presentation and additional information is expected to be available at the time of the meeting.
The CCURA Board meeting for August 3rd was initially scheduled to request approval of amendments to the Phased Redevelopment Agreement (MDA) and Purchase and Sale Agreement (PSA), and to obtain approval of terms on related agreements. Delwest requested certain changes in order to account for its financing structure, particularly for the affordable housing component, and its contractor schedule. With these requested changes, Delwest indicates that it intends to close on the transaction prior to the September 1 deadline. As such, the goal of the upcoming meeting is to walk the Board through final closing items and to provide an overview of the requested changes.
Because the parties are still negotiating the proposed amendments and other terms, CCURA staff recommended presenting the proposed terms to the Board on August 3, and to delay the request for formal approval until the documents and terms are ready. If the Board desires, Staff can lead an executive session so the Board may discuss negotiating positions confidentially or receive legal advice.
The significant items for the Board’s consideration include, which are generally supported by Staff:
· Modification to the MDA that alters and clarifies the CCURA’s right to repurchase property if the Redeveloper defaults to accommodate Redeveloper’s affordable housing financing.
· Review of Redeveloper’s corporate structure and consent to conveyances to multiple entities and assignments of various responsibilities.
· Extension of the deadline to completion the construction of roads and other horizontal infrastructure by a few months to meet the contractor’s schedule.
· Terms of an agreement regarding costs of maintenance for common areas (the private park and...
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