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CL-2589 New Business   Item #: C.       
Meeting Date: 07/20/2021  
Subject:    Consideration of Amendment to Grant Agreement with River District Development
From: Ken F. Larking

COUNCIL ACTION
Business Meeting:     07/20/2021
SUMMARY
In 2014, the City and IDA amended its grant agreement with River District Development (RDD) for the redevelopment of the former Dan River Research Building. The grant agreement included an option for RDD to purchase the former Fire Station and Utility Building adjacent to their property for a nominal amount. RDD exercised their option to purchase these buildings and now owns them. The performance agreement stipulated that RDD had to develop and utilize the buildings within two years. The deadline is July 31, 2021.
BACKGROUND
RDD is requesting that the City and IDA grant permission for RDD to sell the properties to a separate development team, Cobbled Holdings. In addition, they are requesting an extension of the time necessary to have the properties redeveloped. A third request is to consider a 30-60 day extension to the existing agreement in order to provide more time to come to an agreement on the first two requests.
RECOMMENDATION
Staff recommends granting an extension of up to 60 days to the existing grant agreement while the City and IDA negotiate the terms of an amendment.

Attachments
Resolution
RDD Request


    

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