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Missoula approves sale of Riverfront Triangle to Averill Hospitality, secures public plaza and housing funds
Summary
City Council approved sale and development agreements with Averill Hospitality LLC for the Riverfront Triangle 'Fox' site, authorizing a hotel, riverfront trail and plaza, a phased public-infrastructure financing plan, and a developer pledge to contribute to the city's Affordable Housing Trust Fund.
Missoula City Council voted unanimously July 21 to sell the Riverfront Triangle Fox parcel to Averill Hospitality LLC and approved paired development and land-use agreements to allow a hotel, public plaza and trail improvements on the riverfront site. The three votes approved a purchase-and-sale agreement, a development agreement with the Missoula Redevelopment Agency, and a land-use and development requirements agreement.
The agreements commit the developer to build public improvements including a plaza and trail connections and allow limited developer-financed construction of a phase of the plaza and trails that the city or MRA would later reimburse. The developer also pledged a regular donation to the Affordable Housing Trust Fund: the record of council discussion noted an expected total of roughly $7,000,000 over the next decade into the trust fund as part of the transaction.
City staff and the Missoula Redevelopment Agency (MRA) said the plaza and trail work make…
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