Finance committee recommends final passage of amended Nimco master development and purchase‑and‑sale agreement

The finance committee recommended final passage of Resolution R‑26‑047, which authorizes an amended and restated master development agreement and a fourth amendment to the purchase and sale agreement with Lansing Melbourne Group LLC for the Nimco site.

Director Hannam summarized the principal changes: the development has been reconfigured into two separate buildings (a riverfront building to be built first and a second building behind the smokestack), a phasing process was added with an annual option fee if the second building is delayed, and the per‑unit purchase prices were adjusted with $35,000 associated with the first phase and $25,000 for the second (Hannam corrected his initial statement during presentation). He said the amended deal reduces the total unit count from 254 to 240 and preserves the developer's responsibilities for public improvements (parking, dog park, road improvements) and additional operational maintenance obligations such as snow removal. "So we're starting from a larger number, and only pulling out an extra ... the net is $1,200,000," Hannam said, describing the revised purchase price and credits for demolition the city had advanced.

Committee members asked for a one‑page summary showing old vs. new purchase‑and‑sale terms and requested the staff memo be corrected where it mislabels the source fund for garage repair dollars. The committee recommended final passage to the full Board of Aldermen.