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Edmond council declines to approve amended Festival Marketplace ground lease; continues termination talks
Summary
The Edmond City Council voted against approving an amended ground lease with Lap 7 Development and agreed to continue follow-up on a mutual termination and reimbursement issues, after the developer asked to withdraw the amended lease.
The Edmond City Council voted against approving a second amended and restated ground lease for the Festival Marketplace and agreed to continue related action so the city and the developer can pursue a mutual termination in writing.
The vote came after the city received a letter from the developer earlier in the day asking that the amended lease not move forward. Council members debated whether to approve the lease extension that had been before the council and then considered how to document a mutual termination that the developer’s attorney said would ‘‘allow both parties to move forward without further encumbrances.’’
At the meeting, the council first took up item 10B1, described on the agenda as consideration of the second amended and restated Festival Marketplace ground lease by and between the City of Edmond and Lap 7 Development. A motion on that item…
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