Title
Approving an extension 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, parking, and Main Street extension from Railroad to FM685.
The Term of the Agreement is set to expire on the earlier of sixty (60) days after the Developer submits its guaranteed maximum price (GMP) for the final Phase One component, or November 30, 2025. The City and Griffin Swinnerton have continued to make progress on the design plans for the Downtown Project and in order to ensure adequate time for design of the parking structure the term is proposed to be extended to December 31, 2025. This extension will provide both parties with the necessary flexibility to finalize the Preliminary Development Activities. Funding for the PDA was previously approved, no changes to the funding are proposed with this extension.
It is important to note that the Downtown East project will remain on schedule for a completion date of fall of 2026 and will include the parking structure, City Hall, The Monarch (Multi-Generational Recreation Center), the plaza and related infrastructure.
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 deve...
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