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Council reviews conveyance and amendment to Sharp Building redevelopment agreement
Summary
Council heard staff and developer counsel explain a conveyance of the east 40 feet of Lot 4 to Sharp Building LLC and an Amendment No.1 to clarify earlier redevelopment commitments; staff said TIF terms will not change.
Assistant City Attorney Tim C. told the council the proposed purchase agreement conveys the east 40 feet of Lot 4, Block 65 to Sharp Building LLC and Amendment No. 1 revises commitments made in the 2021 redevelopment agreement so the Sharp Building owner can continue with the project without relying on adjacent city parcels. "This would clean that up, convey the remaining 40 feet to the Sharp building owner," Tim C. said, explaining the conveyance and the waiving of certain rights of first refusal.
A representative for Sharp Building (Danae Kalkowski) confirmed the parties had negotiated the terms and found them acceptable. Staff said the TIF structure does not change under the amendment. The item proceeded with no public opposition at the hearing.
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