Committee recommends terminating Midtown Station RFP after stalled LOI talks; vote 4–1
After staff outlined remaining material differences with a Midtown Station developer (phased land payments, tax-increment sharing, and undefined Star Bond request), the committee voted 4–1 to recommend terminating the current RFP and reissuing it rather than continuing negotiations.
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Staff updated the committee on a months-long negotiation over a letter of intent for the Midtown Station project. Todd LaSalla summarized the areas where the UG and the developer remain apart: the structure and timing of phased land-acquisition payments, the split and phasing of tax-increment financing on residential and commercial components, and an unquantified Star Bond request. LaSalla said the developer’s draft LOI back-loaded land payments into later phases while UG staff preferred a more evenly distributed purchase price; the developer also sought higher TIF shares for early phases and proposed different treatment for star-bond components.
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