Title
Approving a Purchase and Sale Agreement (PSA) with Griffin Swinerton, LLC for infrastructure construction within Downtown East, and authorizing the City Manager to execute the same.
Summary
Phase One of Downtown East includes the construction of the Multi Generational Recreation Center, City Hall, plaza, retail, and related infrastructure which encompasses utilities, roadwork, parking, and a plaza. The proposed Purchase and Sale Agreement (PSA) outlines the terms in which Griffin Swinerton, LLC, the master developer of the Downtown East project, will deliver components of the infrastructure to support the project (known as the "Civil Work").
With each PSA, the City will make installment payments on the guaranteed maximum price for each component of the project. For this PSA, the guaranteed maximum price to deliver the Civil Work is $24,442,314 for Phase 1A. Upon final completion and final payment Griffin Swinterton, LLC’s obligations under the PSA for Civil Work will be considered complete.
Construction on the Civil Work is scheduled to start in December 2024.
The License Agreement (2024-1105), PSA (2024-1099), and MOU (2024-1124) within this agenda, all work in conjunction to deliver the Downtown East project.
This item meets all four of the Council’s Strategic Goals, as well as Goal 2.2 of the Aspire 2040 Comprehensive Plan to pursue a mixed-use project with municipal facilities through a master developer arrangement.
Downtown East History
The Downtown East project is located on +/-29 acres located at the northwest corner of Pecan Street and FM 685. Discussions for Downtown East have included aspirations to leverage the central Pflugerville location to become a mixed-use development with connections to Main Street and the City's hike and bike trail network anchored by the proposed new multi-generational recreation center and new city hall.
An Exclusive Negotiating Agreement (ENA) was approved on March 28th, which established the expecta...
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