Title
Cade Museum Second Amendment to Memorandum of Understanding for Cade Museum & Depot Park (B)
Explanation
The Cade Museum was selected to site a new 45,000 sq ft building at the western edge of Depot Park along Main Street. CRA staff has been working with Cade Museum representatives to develop terms for a long term agreement for the site. At the June 19, 2014 meeting, the City Commission approved a second extension of a final development and disposition agreement until June 30, 2015. This additional time requested was due to the on-going construction and environmental remediation at Depot Park which delayed the City’s and the Cade Museum’s ability to gather information necessary for next steps in furthering plans and crafting a development agreement. At the June 19, 2014 meeting, an agreement to allow the Cade Museum temporary access to the site for further surveying and testing was also authorized. This further surveying and site testing by the Cade Museum is an essential component to furthering construction plans and gathering additional information which will impact lease negotiations. Access to the property could not be granted to the Cade Foundation until remediation of the site was completed in late October 2104. The Access Agreement was executed on November 9, 2014.
While the Access Agreement is in effect, the CRA, City and Cade Museum will negotiate a long-term agreement which will outline lease terms and address any assistance for any extraordinary infrastructure costs that are identified as the project is further developed.
The amended MOU stipulated that a draft lease would be provided to the Cade Museum by the end of December 2014, however, due to the nature of the project it is no longer feasible to provide a draft lease at this stage and therefore an additional extension to the final agreement is requested.
Fiscal Note
The proposal received from the Cade Museum includes requests for infrastructure improvemen...
Click here for full text