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Council to consider amendment extending Stadium Trace Phase 1 timeline and incentive cap with clawback language
Summary
Staff returned the second part of a previously discussed development agreement amendment with Broad Metro for Stadium Trace Phase 1 to extend project timelines and raise the maximum incentive cap in later years; staff said the amendment includes a 120‑day action requirement and clawback provisions if milestones are not met.
Staff presented an amendment to the development agreement with Broad Metro for Stadium Trace Phase 1, explaining the packet corrects a prior publication error and completes the second agreement in that package. The amendment extends the project timeline and increases the maximum incentive cap in later years if sales meet thresholds.
"This extends the timeline for that project ... and also increases the maximum cap, should the sales continue to grow," the staff member said, noting the amendment accompanies the portion the council previously acted on and contains clawback language and time triggers. Staff reported receiving an email from the developer requesting a PUD kickoff meeting and said the amendment includes a 120‑day action period after approval for the developer to proceed.
A councilor asked whether movement on the village green portion or other subareas would be delayed until a new PUD is approved; staff replied the previously presented development plan remains unchanged and that work should begin within 120 days per the amendment, subject to clawback penalties if performance obligations are not met.
The work session did not include formal action; staff said they would provide historical examples of prior 7‑72 agreements for council review before Monday's meeting.
