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Edmond council pauses action on Festival Marketplace lease after developer disputes default
Summary
The council continued consideration of remedies under the Festival Marketplace ground lease with LAP 7 Development to May 12 after weeks of back-and-forth over missed construction dates, notices of default and requests for a binding timeline and reporting requirements.
The Edmond City Council on April 28 agreed to continue consideration of remedies under the Festival Marketplace ground lease with LAP 7 Development until its May 12 meeting after residents, council members and the developer argued over missed construction deadlines and the city’s contractual options.
The council’s move follows two notices of default the city sent to the developer and a contested sequence of events about whether the developer met the lease’s construction-start deadlines. City Attorney Madeline Sawyer told the council the second notice was issued after the developer did not begin work within the amended time window.
Todd McInnis, an attorney representing LAP 7, urged the council not to terminate the lease immediately. “I would ask that…
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