Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Railyard North development agreement amended to add developer guarantees, PAYGo and new grant mechanics
Summary
The Redevelopment Authority approved a first amendment to the 2017 Railyard North development agreement with DBL Holdings and related parties, clarifying guaranteed assessed values, creating a pilot payment if values fall short, and adding a “future project” grant formula tied to assessed-value overperformance.
The Redevelopment Authority on a unanimous vote approved a first amendment to the 2017 development agreement for the Railyard North project with DBL Holdings, LLC and related parties, clarifying how base values and incentive payments will be calculated and adding a mechanism that requires the developer to make a supplemental payment if guaranteed minimum assessed values are not reached.
The amendment adds two main features: a pilot provision that obligates the developer to pay the shortfall if guaranteed minimum assessed values are not met, and a “future project grant” structure that awards payments to the developer only if total assessed value across the master parcel exceeds guaranteed…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
