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CRA approves second amendment to covenants for 150 S. Baylen Street, grants 61-day construction extension with penalty
Summary
The CRA approved a second amendment to the redevelopment covenants for 150 South Baylen Street, authorizing a 61-day extension to the construction commencement deadline subject to a financial penalty and ongoing liquidated damages until milestones are met.
The Community Redevelopment Agency approved Amendment No. 2 to the covenants for the redevelopment of 150 South Baylen Street, including terms to negotiate and grant a sixth extension of the construction commencement deadline.
Staff said the developer has progressed through permitting and regulatory approvals and submitted a financial commitment letter, but has not yet met vertical construction deadlines. The board approved a 61-day extension to the vertical construction commencement deadline; staff noted the extension carries a financial penalty of about $3,000 for the 61-day period. Liquidated damages continue to accrue for earlier missed milestones until those milestones are satisfied and the construction contract is submitted and reviewed.
No public commenters spoke on the add-on item. The motion to approve the amendment and the extension passed on the recorded roll call (5-0 in the meeting record).
