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Board authorizes execution of developer/reimbursement agreement for Grand Action 2.0 project
Summary
The authority authorized execution of a development and reimbursement agreement to allow Grand Action Foundation 2.0 to seek reimbursement under a transformational brownfield plan covering an amphitheater, stadium and planned housing phases; private development partners and the final affordable housing agreement will be added through later amendments.
The authority authorized its chair to execute a developer and reimbursement agreement that allows Grand Action Foundation 2.0 to seek reimbursement under an existing transformational brownfield plan covering an amphitheater and stadium district and future housing and mixed‑use components.
Staff explained this step is procedural and enables the authority to reimburse eligible costs already incurred or to be incurred for portions of the project that are ready for capture. The project is multi‑phase: the amphitheater and soccer stadium are under construction (the amphitheater is expected to host concerts beginning May 15), while housing and some tower/housing phases remain at earlier stages of private partner selection.
Staff said the agreement anticipates later amendments to add private development partners and a finalized affordable‑housing agreement. In the authority’s original 2024 approval, housing components were tied to either an on‑site 20% affordability requirement or an equivalent contribution to the affordable housing fund; staff said once the affordable housing terms are finalized, the reimbursement capture percentage could change per state guidance.
Board members asked about sequencing for the housing and stadium components; staff and a development representative said private partners are being negotiated and that the authority will return with amended agreements as partners are finalized. The board approved the authorization by voice vote.
