Harbor Corp. agrees to single LOI process and extends developer closing by 60 days

Harbor Corp. directors voted to extend the closing date for a proposed waterfront development by 60 days and to pursue a single, combined letter of intent (LOI) covering two vacant parcels adjacent to the 33 Building.

The action came after a long discussion about grant funding, site work and utilities for the new-build site and the separate 33 Building. Board members and staff agreed to circulate redlined LOI drafts to the developer and the board—s counsel, and to continue negotiating easement language that will allow the developer to offer new infrastructure for future dedication to the city.

Board members said the extra time is necessary to align the city—s easement and planning steps with the developer—s financing and grant efforts. The extension postpones the automatic May 1 settlement date in the purchase and sale agreement; the board approved a 60-day extension (moving the outside closing date into July) to allow common council action on the easement materials and the start of the street-dedication process.

Directors and staff also agreed to consolidate two LOIs that a developer submitted for the two vacant parcels next to the 33 Building into one LOI with two closings or phases. Board counsel and the developer were asked to exchange redlined drafts so the board and the mayor can review them before the next meeting.

Staff and the developer…