PRESENTATION ITEM
FROM: Grover C. Robinson, IV, Mayor
SUBJECT:
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PRESENTATION FOR THE TERM SHEET WITH INSPIRED COMMUNITIES AS WELL AS AN OVERVIEW OF THE OPTION AGREEMENT WITH INSPIRED FOR THE DEVELOPMENT OF LOTS 4 AND 5 AT THE COMMUNITY MARITIME PARK
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REQUEST:
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That the City Council hear the presentation regarding a Term Sheet for the development of Lots 4 and 5 at the Community Maritime Park. Further, an overview of the option agreement with Inspired Communities.
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SUMMARY:
Two items will come before City Council at their February 10, 2022 Council meeting: (1) A Term Sheet between the City and Inspired Communities (22-00151) and (2) a proposed option agreement between the two parties (22-00152). These represent two distinct non-reliant items.
This presentation assists in providing an opportunity to explain the two documents and answer questions prior to the discussion on the merits, Thursday.
PRIOR ACTION:
October 1, 2018 - City enters into an Option Agreement with Studer Properties for all vacant lots in Community Maritime Park.
March 26, 2020 - City authorizes an Addendum to the Option Agreement with Studer Properties, extending the term through March 31, 2021.
April 22, 2021 - City Council approved the publication of the public notice for disposition of Lots 4 and 5 at the Community Maritime Park for redevelopment.
July 12, 2021 - City Council approved the scheduling of a special meeting regarding the redevelopment submitting groups and ranking
July 28, 2021 - City Council ranked the submittals for Parcels 4 and 5 and set in place a mechanism for movement to the next in line if negotiations fail.
October 14, 2021 - City Council rejected an MOU from Carson Lovell, seemingly then moving to the next in line, Inspired Communities.
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) IFC Maritime 45 Term Sheet Final
2) IFC Maritime 45 Option Final
PRESENTATION: Yes