Council approves exclusive development rights agreement with Victoria DW LLC for Downtown West Phase 2

The Victoria City Council approved an exclusive development rights agreement with Victoria DW LLC for the Downtown West Phase 2 project.

City Manager Hardy told the council the staff report had a typo and that the correct entity is Victoria DW LLC; she said the same proposal previously reviewed by the council had formed a new entity to execute the project. "Item 5.7 is to approve the exclusive development rights agreement with Victoria DW LLC," Hardy said.

Hardy said the city received three proposals in response to the request for proposals and the council had signaled it wanted to move forward with the Victoria DW team, which includes Monarch Development Group and other stakeholders. Councilmembers made and seconded a motion to approve the agreement; the council voted by voice and the mayor declared the motion carried.

No specific financial terms, timetable, or conditions beyond those noted in the staff report were stated on the record during the motion. Staff had pulled the item from the consent agenda to correct the entity name in the packet and to highlight the list of stakeholders associated with the selected proposal.

The approval grants the selected developer exclusive rights to negotiate and advance Phase 2 under the terms of the city's exclusive development rights agreement, subject to the agreement's final execution and any future approvals required by council when specific entitlements, plats or development agreements return to the council.

The council proceeded to other business after the vote.