Title
Approving a memorandum of understanding with Griffin Swinerton, LLC establishing the terms for the conveyance of approximately 10,500 gross square feet of retail space to be located within the Multi Generational Recreation Center within Downtown East, for such retail space to be managed and leased by Griffin Swinerton, LLC or an affiliate thereof, and authorizing the City Manager to execute the same.
Summary
In November 2023, the City and Griffin Swinnerton, LLC (the "Developer") entered into a Preliminary Development Agreement (PDA) for initial development activities which included creating up to 10,500 square feet of retail space in the new Multigenerational Recreation Center for retail, cafe, and restaurant use. The Developer agreed to fund the retail portion of the project, estimated to be at least $2.5 million. A Memorandum of Understanding (MOU) is the next step in the delivery of the retail component of the Multi-Generational Recreation Center which outlines key terms regarding the retail areas, including the arrangement by which Griffin Swinnerton will own, manage and lease the retail space. This includes the leasing and management of the property and Griffin Swinerton’s financial contributions, laying the groundwork for future agreements related to the recreation center, including a Purchase and Sale Agreement (PSA), commercial condominium documents, and a parking agreement.
Key elements of the MOU include the following responsibilities of Griffin Swinerton:
o Fund the development and construction of the recreation center retail estimated to cost at least $2.5M plus tenant finish-out, and leasing costs
o Lease and manage/operate the recreation center retail including the cost of related tenant improvements and leasing commissions
o Management responsibilities of the City Hall Café
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.
Thi...
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