Herriman City Council approves revised land-transfer agreement with MLM Holdings, Dream Big Enterprises and Mike Maze

Herriman City Council approved a revised land-transfer and development agreement with MLM Holdings LLC, Dream Big Enterprises LLC and Mike Maze at its meeting, adding clearer phasing deadlines, specific public-improvement requirements and a funding condition before lifting a lis pendens.

In presenting the proposed changes, Todd (role/title not specified) said revisions are intended to clarify the distinction between phase 1 and phase 2 work and to define required public improvements. "That trailhead would include a bathroom pavilion and kiosk," he said, and he recommended that the trailhead improvements be completed in phase 1 before the city issues a certificate of occupancy for any phase-1 building.

Todd also described how the existing lis pendens will be handled: removal will be conditioned on demonstration that funding has been transferred from the current investor to the new investor and on execution and recordation of an amended agreement and deed exhibit that would revert the property to the city in the event of default.

Michael (role/title not specified), representing the applicant, said he has signed loan documents and expects the lis pendens to be removed and funding to occur by Friday. The council asked staff to receive documentation from the title company or the applicant (identified in discussion as Oasis or the title company) showing that funds will be paid, as a condition for lifting the lis pendens.

Todd also noted and proposed correcting recital language that erroneously referenced a Deseret First loan; he said that a line of credit had been paid off and that the reconveyance was on record, so the recital should be struck to ensure accuracy, a correction made at the request of Mr. Mayes.

Jared (role/title not specified) moved to approve the revised land-transfer/development agreement between Herriman City, Dream Big Enterprises LLC, MLM Holdings LLC and Mike Maze with the revisions outlined by the city attorney to clarify funding, phasing and lis pendens procedures, and further directed the city attorney and city manager to finalize the agreement wording. The motion was seconded by Sherry (role/title not specified).

During roll call Jared answered "Yes" and Sherry answered "Yes." Other members voiced assent in the meeting and the chair concluded the vote as approved. The council therefore approved the motion and directed staff to finalize contract language and to verify funding documentation prior to removing the lis pendens.

Next steps: city staff will obtain proof of funding from the title company or applicant, complete the agreed exhibit(s) (including a deed reversion on default), and record the finalized agreement. The council closed the meeting after announcing upcoming meetings: the planning commission meets next Wednesday at 7:00 p.m., the next city council meeting is scheduled for the 24th at 7:00 p.m., and a community farmers market and an inflatable dash will be held Monday at Crane Park.

The meeting adjourned following the approval.