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Council to consider amended redevelopment agreement for CU Adventures; TIF payments tied to food and beverage sales
Summary
Staff proposed an amendment to the redevelopment agreement with CU Adventures in Time and Space to extend the completion date to May 1, 2026 and to replace a rounds-based metric with a $500,000 annual food-and-beverage sales target that determines TIF payments.
City staff presented an amendment to a redevelopment agreement with MCDJ LLC (CU Adventures in Time and Space) and asked the committee to forward it to the City Council on March 16.
Olivia Jovi, director of Community Development Services, said the original agreement (approved February 2025) included performance metrics tied to a large number of mini‑golf rounds; staff recommended removing the rounds requirement and tying performance to food‑and‑beverage sales instead. The amendment would extend the project completion date from Sept. 1, 2025 to May 1, 2026 and modify the payment structure so that certain TIF disbursements are contingent on achieving a $500,000 annual food-and-beverage sales threshold.
Staff noted the agreement contemplates five annual TIF payments, the first of which is approximately $42,000 issued after certificate of occupancy; memo projections estimate annual revenue of roughly $888,584, though the amendment establishes a $500,000 minimum performance target for the sales metric. Owners and operators (identified in staff remarks as Chris and Anne Lukman) described opening activities, and council members asked for clarity on the revenue assumptions. The committee moved the amendment to the regular City Council agenda.
