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Council votes to dissolve PID tied to Fraser Capital sale; developer to return with revised petition
Summary
Council approved dissolving a previously approved PID after staff said Fraser Capital is selling the commercial tracts and the buyer does not want ties to the PID; staff said the developer will return with a new petition and a public hearing will be scheduled.
City staff told the council that Fraser Capital’s prospective buyer does not want the commercial tracts tied to the PIDs previously approved for the development, and recommended dissolving the PID so the developer can return with a revised petition and public hearing.
As staff explained, "Fraser Capital is now under sale, contract to sell upfront commercial tracks, and that particular buyer does not wanna have any ties to the pit at all." The council approved a resolution to dissolve the PID and directed staff and the developer to return with updated documents for a scheduled public hearing.
Staff noted additional costs identified while finalizing the development listing and that dissolving the PID allows the project team to redraw boundaries and clean up easement and development agreement provisions. The item was advanced so permits and the public hearing process can be re-set with clear exhibits and responsibilities for infrastructure.
