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Board grants 60‑day extension, Chapter 380 impact‑fee deferral for GTP Food Group restaurant project
Summary
The EDC approved a 60‑day extension and a second amendment to ground‑lease/purchase agreements to allow GTP Food Group LLC time to secure funding; upon proof of funding (target Oct. 11) the Chapter 380 deferred impact‑fee agreement will become active and fees must be paid prior to certificate of occupancy.
The board approved an amendment and a 60‑day extension for GTP Food Group LLC related to a downtown restaurant and entertainment project, resolving a default under the original agreement and permitting the developer additional time to secure financing.
Staff said the company had not pulled a building permit by the original June 30 deadline and is therefore in default; the amendment defers the Chapter 380 impact fees but requires documentation of funding within 60 days (target date referenced as Oct. 11). Staff explained that once funding documentation is submitted and the company pulls a building permit, the Chapter 380 deferral becomes active and deferred impact fees must be paid prior to certificate of occupancy.
The board moved, seconded and approved the amendment and deferral unanimously. Staff said the extension was a timing accommodation while the developer finalizes bank documentation and financing.
No additional conditions or modifications beyond the described 60‑day extension and the second amendment to the ground lease were recorded in the meeting transcript.
