Title
Review and Consideration of a Partial Assignment of the Development Agreement Between the City of Mansfield and NRP Holdings LLC Related to Main Street Lofts, Phase 1
Requested Action
Approve the partial assignment of the development agreement from NRP Holdings LLC to Main Street Mansfield Lofts LLC solely as to Phase 1 of the Main Street Lofts project, provided that Main Street Mansfield Lofts LLC accepts all duties, risks and obligations undertaken by NRP Holdings LLC under the agreement.
Recommendation
Staff recommends approval.
Description/History
This matter has been reviewed by Betsy Elam at the City Attorney's office.
NRP Holdings LLC has formed a new legal entity - Main Street Mansfield Lofts LLC - for the development of Phase 1 of the apartment project across from Post Office. The development agreement allows NRP to assign their rights, benefits and obligations under the agreement with City approval.
Per the agreement, the incentives to the developer is on an reimbursement basis and will only be paid upon acceptance of the improvements - water & sewer lines, landscape, hardscape, irrigation, site furnishing, Main Street striping.
The attached document, upon approval and signature, will become an addendum to the original development agreement.
Prepared By
Felix Wong, Director of Planning
817-276-4228