The URL can be used to link to this page

Home My WebLink About2000 Resolution No. 005RESOLUTION NO . .£._ SERIES OF 2000 A RESOLUTION SUPPORTING A MODIFICATION TO THE MASTl!R'DEVBLOPMINT AGREEMENT FOR CITYCENT!!R ENGLEWOOD. ,! 11 ,1 :r WHEREAS, The Englewood Environmental Foundation waa formed ID rili8ft tm'· ·, burdens which wouli othenriae be uaumed by the City of Englewood, Colorado, in collll8Ction with the environmental remediation, lan<i u,e planning and pr,/paration 6,r redevelopment of the Cinderella City ahoppq centior; and ·• " J WHEREAS, tho Englewood Environmental Foundation was formed to provide aupport for the redevelopment and enhancement of the City's commercial environment and ill a 1111arate and dilotinct corporation; and WHEREAS, the City Council of the City of Englewood, Colorado, supporte~ the Muter Plan propoaed by the Englewood Environmental Foundation with Ibo paaql/.aflleoolution No . 90, Serie• 1998; and WHEREAS, Englewood City COIIDcil adopted Reoolution No . 100, Serio·, of 1998, supporting the Development Agreement between Miller Weingarten Realty, LLC ., and the Enalewood Environmental Foundation for the Cinderella City Red evelopr,1ent; and WHEREAS, the Englewood City Council adopted Resolution No. 50, Sories of 1999, supporting the "F,irat Amendment to Pre-Development Agreement" between Miller Weingarten and tho Englewood Environmental Foundation for the Cinderella City Redevelopment; and WHEREAS, the Englewood City Council adopted Re.olution No. ~. Series of 1999, supporting the "The Master Development Agn,ement" between :diller \\'einprtan Realty and the Englewood Environmental Foundation; and WHEREAS, the Englewood City Council deem■ it appropriate to adopt tbilo propoeed Resolution supporting a modification to the Muter Development Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT: ~-The City Council of the City of Englewood, Colorudo, hare by support■ a modification to the Master Development Agreement as set forth in "Exhibit A" the Mille .. Weingarten "Proposal". ~-The City Council also recommend& thet EEF modify the Deal Sheet to 19fiect an additional $350,000.00 of soft costs that shall not be reimbursed to Miller/Weingarten bringing the total to $700,000 of soft coets that shall not be reimburseo due to tbilo extension. ~-The City Council also recommends that the "Proposal" be modified that if a non •Borders direction is selected, at the commencement of that time, the ninety days aet forth in the "Proposal" shall be reduced to sixty days. ~ -Tbe,CW Cowu:il lllo -,mm•ada Iba, UF ~ Iba Deal~ to~ that Miller Weillprtan ol,all have ao l'W'UllN CII' ript ID Pbut ll du. to Iba z,q• ftf thia utelllioll. Miller Weinp.rten will ban Iba abill17 to bid or relJ)Ond to propooala7ike anyotiierdowlaper ' ,., lill:lial,I. , The City Council alao ~ that W require a re',_ lro111 ,Miller Weinprten, for all liability in the event that, at Iba •IMI aflba utanaion, the rela~onaljip ii teflllinaled. lill:l;iim.ll. Thil nt10lution of lllj)port in ao •"1 wai-ar daleptea the City'1 recu)atory powers, duties and reaponaibilitiee with reapect to zonin( and ..,...,....entai iaau.a. AMENDED, ADOPTED .\ND APPROVED thia 31Kday of January, 2000 . Publii.bed u a .Retalution on the 4th day of February, 2000. I, Loucriebia A. Ellis, City Clerk for the City of~, orado, hereby certify the above is a true copy of Reaolutlon No . .S::. Serin of 2000. · ·~t1flo ucriabia A Ellil • • • r::7 LJ ltn~ y-.1111;:) 1M oorr i.. .wrut • 09,'i 2l•no11'1f 1--,.27,2000 ., ~ '"' , Jh,. ~u ,n J !I li ,Jd!V'>tl!:.,t Vi,, F ACSIMILl: 303-76l-l40I Mr GaryS-. City Mwitr JI 11; .POU! City ofEnJ)ewood 3400 S. E1a!i S1. %J.., ., C • ~•l'? ... .. '"' .d l:nglcwood, CO 80110-:?.304 -\.il..:l! itl.'1' ,-', RE CityCentcr EnaJcwood .. ' ,, ' DcacG11y : We m•ll with you and your Sl&IJ'OAJanull}' 25, 2000 to discuss a number ol'itcms, mcluding the 1'1t1i1 deYllop.-cladlina l'or ~ c:ctaiD levels oflmins and for c1usiaa on our acquis ition llf the leasehold imeresl. Al lhal IIINpll8, you =mmcnded thid Millu Weingancn should submit an e,,ti,nsiun proposal . The ballDCe oflhis lcucr consists or our proposal •nd :h.: mionale behind ,he propvsal. Miller WCIJllliUT"" 1111d die City would tab JO days to de!ermine if Border's is a viable uption and if it is delennined 10 be a viable oplion. Miller Wcin11..-;cn wuuld b&ve the ri11ht to close at my time up to 90 days &om lbat poi I'll and that :ighl would tennimle at the end of the 90 day period . If ii wu dacmnincd al the end of the 30 d1y period tbal Border's-.. nnt a viable opticc. Miller Weingarten would runu• the "11011-Bordcr's" dim:tion and hA,e the right to close for 90 days iJtd wt ri¥f,t would llo-. minate II the rr.d of 11111 period. If it wu dacermined prior tu the end of the 30 day period dial the RqUired C04cnucy was 1101 available, the election to 11D 1bc "aun-Borde:-'s" l'O\lle could be lll&dc or if the City WID!ed to immedialely so the "non-Border's" route . the City would have the 1..-ption to so dirc::L MllJtt 'l'CUl(l'lff<II ~J.lty. LL<; ll~"'"' l,...., UM. >rT NI.~-C.U IJIUIU 1'1'1t)IWPl' l,iU11.,,_.ti'III ►.O 111111 ""'"'•JIii ,. Mr.GatySars 1a,-...ry27.2000 Plpl The City and Miller Wcinprte:i bave the ~ iatemts of 11tr1C1ina the top 1-Z line-up Ind acniDa tbc pn,jecl buih Ind opcnrins, n. dilemma is dial the pr.&md lenllll •up will llkc lollllCf to secure aad tblft is SQ1ll8 lllallUlsfW risk 1h11 tbll Ii-up ii not acllitvablc. lt is possible Iba! lbl:re could be fiscal praa1t95 or adicr faclon that mab it impractical to tab the cirnc necasary to -if the project can pt Barde's and its -· You are IWlte rhul'"" ore C'll)CC!ing to b&ve some preliminary indiccion oflMI aii=-!" tom !led Bath & Beyond ml Old Na,y wiilwl the next rhrft ~- The reason we need 90 da)• from the point al which a coune ofactiml is sefeded. is to allow us the time neceswy to meet our requirements for wwici!ljj. Most ruail dewlopmcnl finaocin11 traDSactioas re-,iire that le:ues be in place for a 111ir1imum of75% oftlle spac:. Y(_e ha .. aow :ur:inged, ,n tbis trllb2<:tion, for our leasing requ h ;etll to be siipriticantly lo wer and thi> was made possible because: of bow familiar Weingarten ; .. ,lily Invo:,tO!S is with t~ ,,ec t and the prospect . tbr ultimate success. The rational• fur elimirnitiog tbc provision for a minimum amoum ofleuing is that we bcli,,..·• it will be difficult 10 v, fully t:<ec..ted leue, by the time we need to clo11e and it sppe, rs to us that if we have thc w.:!idenc: and ability to close without • lixed amowu of leasin11, thai Ibis is a shiftin11 of:he risk that should he lo the bcnefu of the City . As :llw•ys. we ICC willing amt anxicus tu pru•ide yoo with any addition ,! information you need and be •vailable to meet ar your coava-jencc. Sir.ccrcly, MlLLER WENGARTDi REAL TY . lLC . .p -4J ~-1#.L/.il.; ~A.Millar SAM/b;im • • • • • • COUNCIL COMMUNICATION DA TE: January 31, 2000 AGENDA ITEM SUBJECT: Support of Amcodmcnt to Master 5 all Development Agreement INlTIA TED BY: Eng~,wood Environmental STAFF SOURCE: Bob Simpson, Board Foundation Director, Englewood Environmental Folllldation PREVIOli" COUNCIL ACTIQNi On August 10, 1998, City Council adopted Resolution No . 90, Series of 1998 suppo, ting the Master Plan proposed by the Englewood Environmental Foundation and Miller/Weingarten for the Cinderella City site. On November 2, !998, City Council ad opted Resolution No . IOI, Series of 1998 supporting the sale of property to Wal•Mart ~y the Englewood Environmental Foundation (EEF) for the development of the CityCenter project. On August 2, 1999, City Council adopted Resolution No . 83, Series of 1999 supporting the ''Master Development Agreement" between Miller W~ingarten Realty , ;,,,i,c., and the EngI,,wood Envircamental Foundation. On November 22, 1999 , City Council adopted Resolution Number 100, Series of 1999 supporting the selection of Trammell Crow Residential for the Englewood CityCenter residential ,edevelopment. RECOMMENDED ACTION: Staff recommends that Council adopt a resolution, which supports a modification of the Master Development Agreement between the Englewood Environmental Foundation and Miller Weingarten Realty. BACKGROUND : Under the tenns of the Master Development Agreement , Miller Weingarten Realty must provide by February I, 2000 a list of signed lea.ses . If Miller is not able to meet this deadli.se, the Master Development Agreement will need 10 be modified . LIST OFATTAC~ Proposed Resolution