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Layton redevelopment agency approves $1 million uptick, expands Eastgate option to 90 acres
Summary
The Layton Redevelopment Agency approved an amendment to a developer option agreement that raises the upfront payment by $1,000,000 and expands the project area from 55 to 90 acres.
The Layton Redevelopment Agency voted to approve an amendment to a previously negotiated option-and-purchase agreement that adds $1,000,000 in upfront consideration and expands the acreage available to the developer from 55 to 90 acres.
Redevelopment agency staff told members the amendment preserves a commitment made in the original agreement that qualifying incremental developer reimbursement would be 100% if the developer attracted a prime defense contractor to the site. "They've…
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