Title
Fourth Amendment to the West University Avenue Lofts Development Agreement (B)
Explanation
The CRA sold the land to the developer on February 15, 2005, and construction has begun on the project. In order to close on their bank loan the bank has requested that the completion date in the Development Agreement be amended to April 2006. All other corresponding dates in the Development Agreement have been changed accordingly.
Fiscal Note
None at this time.
Recommendation
Executive Director to the CRA: 1) direct staff to prepare an Amendment to the Development Agreement reflecting a completion date of April 2006; and 2) authorize the Interim Executive Director to execute the Amendment.