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Board seeks developer update on Chapter 380 project; members press for compliance review
Summary
The SEDC scheduled a March update from developer representatives about a multi-faceted Chapter 380 development. Directors said the corporation and council may need to enforce the agreement—s minimum project commitments before remaining reimbursements are paid.
Directors of the Stafford Economic Development Corporation directed staff to invite developer representatives to the March 25 meeting for an update on the Chapter 380 development and site-plan changes, after receiving an overview of the agreement—s outstanding commitments.
Legal counsel (staff) told the board that the development agreement lists multiple required components and that, in the counsel—s reading, many items are required — not optional — —at a minimum.— The counsel identified residential development and some commercial/restaurant construction as already occurring. But the agreement also obligates the developer to deliver a destination hotel, a fitness facility, construction and…
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