Title
Approving a first amendment to the Preliminary Development Agreement (PDA) with Griffin Swinerton, LLC for the development of Downtown East and authorizing the City Manager to execute the same.
Summary
In November 2023, City Council approved a Preliminary Development Agreement (PDA), to allow Griffin Swinerton to begin preliminary development activities related to design and construction of the Downtown East project. The PDA process for the project is defined as a as a two-phase project with Griffin Swinerton as the master development partner. Within the PDA, Phase One was outlined and consists of all elements required for the delivery of a City Hall and café, Multi-Generational Recreation Center, 10,500sf of retail within the Recreation Center, a plaza, and infrastructure extensions including utilities, surface parking, and Main Street extension from Railroad to FM685.
Through the PDA, Griffin Swinerton advanced the designs for Phase One allowing for the project to proceed with a guaranteed maximum price to deliver each facility as well as the infrastructure to support the project. As part of the PDA, Griffin Swinnerton also committed to funding a minimum of $2.5M towards the delivery of 10,500 square feet of retail within Phase One of the project. The approval of the PDA also included the master planning and entitlements for Phase Two of the Downtown East project in order to competitively position this portion of the project for future development as market conditions evolve.
The first amendment to the PDA reflects a Retail Memorandum of Understanding (MOU) (see also item 2024-1124), related to the 10,500 square feet of retail to be constructed and funded by Griffin Swinerton within the Multi-Generational Recreation Center, as well as a revised preliminary development schedule, restated city review schedule and preliminary development costs budget.
The first amendment to the PDA, extends the period for which the PDA is active, allowing Griffin ...
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