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Council postpones repayment obligation to support completion of 24 unfinished apartments at B Avenue
Summary
After reviewing a 2018 development agreement for 1405 B Avenue West, the council directed staff to postpone enforcement of a $60,001.08 repayment and pursue an amendment to allow completion of the remaining 24 units.
Staff told the council that a 2018 development agreement for 1405 B Avenue West required the developer to complete 60 apartment units by Sept. 1, 2023. Public improvements were completed, but only 36 of the 60 units were finished. Under the agreement the developer became liable for a proportionate reimbursement to the city; staff calculated the current reimbursement obligation as $60,001.08.
Staff presented three…
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