Committee approves forwarding negotiated Brookridge (5 10 North) amendment and phased EDRB schedule

Staff presented a negotiated 4th Amendment to the Brookridge (5 10 North) development agreement that restructures the project’s EDRB financing into phased issuances (the agreement contemplates up to $446 million of EDRBs executed in stages), clarifies milestone deadlines for minimum improvements (including Building 510 North), and adjusts CID start dates where appropriate. Staff emphasized the package contains three principal elements: (1) restructure EDRB issuance into a phased set of resolutions of intent and term‑sheet deadlines; (2) push the commencement and completion dates for the first building (510 North) by one year to allow capital stacking and financing to close; and (3) pause and reschedule CID collections with recommencement dates tied to performance (CID1 recommence 10/01/2029; CID2 recommence 01/01/2032). Staff also reported the developer agreed to expand project restrictions to prohibit drive‑thrus within the development area.

Developer representatives (Bob Johnson of Paulsonelli Law Firm, Grant Curtin of Curtin Property Company and Mike McKean of EPC) described recent capital‑raise progress and said over 90% of the target capital stack is in place, with the last slice imminent. Committee members pressed for clarity about the remedies and consequences if milestones are missed, including show‑cause proceedings and the possibility of 10% reductions to incentive caps or default and termination of incentives. Staff explained that if the committee declines to move the dates the development agreement provides show‑cause and cure provisions; failing acceptable cure the agreement contemplates reductions (10%) or other remedies. After extended questioning and assurances from the developer team about near‑term financing momentum, the committee voted to forward the amendment and related EDRB/ CID ordinance actions to council; the motion passed unanimously (5-0).