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Commission directs staff to draft Shoma amendment tied to Publix lease and construction financing
Summary
Commissioners authorized staff to draft an amendment reflecting a negotiated $1.5M settlement from Shoma contingent on confirmation of Publix lease and construction financing; commissioners asked for firm payment dates and evidence of financing before finalizing.
Staff and legal counsel updated the commission on Shoma's development-agreement status and a proposed settlement path. The village had previously signaled willingness to accept a reduced payment conditioned on evidence of tenant commitments and construction financing.
Village counsel summarized Shoma's June 3 letter and said Shoma proposed $1.5 million split into staged payments; counsel asked the commission for direction on timing and proof requirements. Commissioners pressed for firm dates and proof that borrowings or tenant estoppel agreements were in place before the village executes an amendment. One commissioner proposed structuring the $1.5M as three $500,000 payments (immediate, at building permit, and at TCO) with deadlines and remedies; the commission directed staff to draft an amendment consistent with the discussion for consideration at the July meeting.
