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Council approves second amendment to Magnus Capital purchase agreement; city to receive about $2.1 million
Summary
Council approved a second amendment to the purchase and development agreement with Magnus Capital Partners LLC, delaying closing and confirming developer changes; staff said the city will receive roughly $2.1 million, with $1.7 million earmarked for partial funding of the marketplace and $400,000 payable to the city upon closing.
The Wyoming City Council on Dec. 2 approved a second amendment to the purchase and development agreement with Magnus Capital Partners LLC related to multiple parcels around 28 West Place.
City staff said the developer acquired an additional parcel (the former Frankie V’s restaurant) and revised the site layout accordingly, which prompted a second amendment and another delay in the closing date. Staff described the financial terms discussed in the meeting: when the closing occurs the city expects to receive about $2,100,000 in proceeds; approximately $1,700,000 of that amount will be applied as partial funding for the Godwin Mercado and is expected to be repaid through taxes captured on-site, and the remaining roughly $400,000 will be paid immediately to the city.
Staff also told the council the developer will arrange demolition of the old Lindo restaurant on the east side of 28 West Place when the closing proceeds. The amendment extends the time allowed for closing to accommodate the developer’s revised plans.
Motion to approve the second amendment was made by Councilmember Marissa Posler and seconded; the roll-call vote to approve was recorded in the meeting transcript and carried.
The council did not adopt additional restrictions or citizen-facing program changes as part of the amendment; the action modifies the purchase and development agreement and confirms the funding allocation described by staff.
