Committee votes to terminate Midtown Station RFP after negotiations stall

UG staff updated the committee on negotiations with a prospective Midtown Station developer and described several unresolved, material deal points. Todd LaSalla told the committee staff had attempted an LOI and follow‑up negotiations but ‘‘we have not arrived’’ on critical items including the structure and timing of land‑acquisition payments, the portion of tax increment financing (TIF) to be made available for the project and the developer’s star‑bond request. LaSalla said the developer’s proposed payment schedule was back‑loaded while the UG proposed an even phasing; that difference was central to staff’s concerns about long‑term risk.