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Pensacola CRA approves amended Hawkshaw redevelopment agreement after extended financing negotiations
Summary
The Pensacola Community Redevelopment Agency voted to approve a seventh amendment allowing a new ownership structure for the Hawkshaw redevelopment and to finalize terms intended to make construction financing feasible, after lengthy discussion about repurchase rights, liquidated damages and construction milestones.
The Pensacola Community Redevelopment Agency on a vote approved an amended agreement that allows a change in ownership and governance for the Hawkshaw redevelopment project and authorizes the CRA chairperson to execute documents needed to implement the changes.
The amendment, described to the board as the seventh amendment to the original covenants and agreement for the property at 50 South Ninth Avenue, was discussed for more than two hours. The development team told the CRA that the change in membership, management and voting control is necessary to secure construction financing and to claim certain tax credits. Agency staff and the city attorney circulated a red-line version to board members the prior Friday and negotiated further edits in the meeting.
Board members focused much of their questioning on three financing-related provisions: a developer-proposed repurchase right, the amount and cap of liquidated damages for missed milestones, and what constitutes the commencement of construction. City staff and the developer negotiated language intended to balance the CRA’s…
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