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Votes and actions: what the DDA approved Nov. 18
Summary
The DDA unanimously approved minutes, rescinded and replaced a PSA amendment, authorized MOUs for Frasier and City Center projects subject to counsel, approved an environmental change order of $224,605.54, and approved a $37,046.47 administrative payment to Trackside.
At its Nov. 18 meeting the Downtown Development Authority recorded the following formal actions (all recorded votes were unanimous unless noted):
- Approval of minutes from Oct. 28 (motion passed unanimously). - Rescind prior approval of the earlier 2nd amendment to the Pierce PSA and approve the revised 2nd amendment; chair authorized to finalize and execute documents with counsel. - Approve Geo Hydro Engineers Inc. change order for environmental work at the Pierce properties, not-to-exceed $224,605.54, to cover additional UST removal and testing. - Authorize chair to execute the Frasier at Old Town Gordon MOU preserving 63 affordable housing units and up to $20,000,000 NPV in tax-incentive savings, subject to counsel finalization. - Authorize chair to execute City Center MOUs for retail/commercial and residential components (90% savings years 1—10; 70% years 11—20; 20% PILOT; 10% admin fee), subject to counsel finalization. - Approve administrative payment to Trackside Partners LLC in the amount of $37,046.47 (corrected address 5170 Peachtree Road). - Motion to adjourn recorded and approved.
Several items remain procedural or pending final counsel or court validation, including bond validation for issuance and closing steps tied to the Pierce and City Center transactions. The DDA scheduled a virtual special called meeting at 4:30 p.m. Monday to maintain deadlines for bond validation and related items.
