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Council approves Amendment No. 3 to Johnston Golf Development agreement, extends developer deadlines
Summary
Council approved Amendment No. 3 to the amended and restated purchase-sale and development agreement with Johnston Golf Development LLC, extending performance dates, adjusting financing/rezoning deadlines and reserving the city's right to require future financial security.
Staff presented Amendment No. 3 to the amended and restated purchase-sale and development agreement between the city and Johnston Golf Development LLC. The amendment extends several developer performance dates, moves certain construction-financing and equity-confirmation deadlines, requires reimbursement of the city’s legal expenses within 30 days, and removes but preserves the city’s future right to require a letter of credit or similar security.
"This amendment... extends performance dates, with November 13th of 20 20 16, when they need to provide written a confirmation of sufficient equity... December 31 would be to close on a construction financing," staff summarized. Council asked whether a conditional rezoning application had been submitted and staff confirmed it is in hand or expected to be delivered; council then moved and approved resolution 26-71 authorizing execution of the amendment.
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