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Council approves 90-day letter of intent for city hall parking lot redevelopment
Summary
Council approved a 90-day letter of intent to negotiate a purchase and development agreement with a developer seeking to build multifamily housing on the city hall parking lot; developer requested the $1 sale and unspecified tax abatement as possible terms.
The City Council on June 15 approved a letter of intent that sets aside the city hall parking lot for 90 days while city staff and a developer negotiate a potential purchase and development agreement for a multifamily apartment project.
James Krambeck said the developer requested the property be sold for $1 and may request tax abatement (amount not specified). Staff said the letter of intent does not bind the city to a future PDA; it is intended to reserve the property while the developer performs due diligence (phase one environmental study and other predevelopment steps) and while staff negotiates terms.
Council members asked for clarity on what the 90-day hold means and whether the terms are binding; staff reiterated the LOI only reserves marketing exclusivity for the developer while negotiations proceed. The motion to approve the LOI carried 6-1.
Council asked staff to continue negotiations and to return with any proposed purchase and development agreement for full council consideration within the reservation period.
