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Council approves Summit Fair property transfer and developer assignment to Block & Company
Summary
Council approved two companion ordinances transferring remaining Summit Fair property from RED Development entities to a Block & Company purchasing group and assigning developer responsibilities under the Summit Fair TIF. Block & Company pledged local management continuity and a leasing push to broaden retail and family‑oriented uses.
The council unanimously approved two companion ordinances on Nov. 3 allowing a transfer of Summit Fair property and the assignment of developer interest under the Summit Fair Tax Increment Financing (TIF) redevelopment agreement.
City staff said the transfer would move the remaining ownership interest in the shopping center from RED Development to a group of Block & Company‑affiliated buyer entities; a second ordinance would place Block & Company in the role of "developer" under the original TIF contract so that remaining redevelopment obligations and tax‑increment administration can continue under the new ownership.
David Block, speaking for Block & Company, described a hands‑on leasing strategy to diversify Summit Fair’s tenant mix toward more family‑friendly retail, entertainment and events to increase activation. "Our intent is to try and bring in to Summit Fair the types of users that you all would like to see," Block said. He also said local property management staff who have been working the site would be retained to ensure continuity.
Staff noted the TIF plan has roughly six years remaining and the assignments are largely administrative changes that preserve the redevelopment plan and developer obligations under the existing TIF contract. The council voted to advance and adopt the transfer and assignment ordinances unanimously.
What’s next: Block & Company will pursue leasing changes and partner with city staff on any required land‑use steps; existing TIF obligations and reporting remain in effect.
