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City says TC3 developer still seeking investors; development agreement gives permit deadline of Jan. 1, 2027
Summary
Staff told the committee developer 1Trent (Trent) has not yet pulled a first permit for the TC3 mixed‑use downtown project and continues to seek investment partners; the development agreement gives them until Jan. 1, 2027 to pull a first permit before the city considers other options.
Community Development Director Keith Niven briefed the committee on the status of TC3, the downtown redevelopment parcel the city sold under a development agreement in April 2024. Niven said the developer (1Trent) has been seeking investors for phase 1 of the project and has found fundraising difficult in the current market climate.
Niven said the developer reported that tariffs and other construction-cost pressures have complicated investor conversations and that the firm has looked for partners locally, on the East Coast and in Canada. "They have found finding investors difficult," Niven said. The development agreement gives the developer until Jan. 1, 2027 to pull their first permit; if no permit has been pulled by that date the city will need to consider whether to let the agreement expire or to extend the timeline.
Council Member Honda asked about the financial status of the property and noted an interfund loan payoff of approximately $4.8 million that will come due in November; Niven said questions about repayment timing are in the finance/legal domain and deferred to the finance team. Niven said the city retains the property until a permit is pulled and that the city may pursue interim, temporary uses — the staff had discussed pop‑up activations and temporary parking uses for the site in past conversations.
Ending: Staff will continue quarterly check-ins with the developer; if the developer has not pulled a first permit by mid‑2026 staff expects to return to the council to discuss next steps, including potential re-marketing of the property.
