Title
Fifth Amendment to the West University Avenue Lofts Development Agreement (B)
Explanation
West University Avenue Lofts is nearing completion. The Development Agreement needs to be extended a final time to bring the completion date to June 1, 2006. Also, during an early revision, a specific reference to the amount contributed to the façade easement ( $265,000) was inadvertently deleted from the text of the agreement. This figure should be referenced in the event that a failure to maintain the facade becomes an issue under the terms of the façade easement.
Fiscal Note
None at this time.
Recommendation
Executive Director to the CRA: 1) approve the Amendment to the Development Agreement reflecting a completion date of June 1, 2006; 2) clarify that the Façade Easement is for $265,000; and 3) authorize the Executive Director to execute the Amendment.