Title
Possible action on agreement with Heritage Parkway Partners, LLC authorizing partial payment under existing Performance Agreement and terminating existing Performance Agreement
Requested Action
Consider extending development agreement with Heritage Partners
Recommendation
(1) Extend the date for the Heritage Partners contract for the drainage channel to October 31, 2017, (2) Authorize reimbursement to Heritage Partners of $122,551.12, and (3) Authorize staff to draft an agreement to terminate the current $400,000 agreement with Heritage Partners upon closing on the sale of the land to RMA and payment of the $122,551.12.
Description/History
MEDC and City staff have a verbal agreement with Heritage Partners to sell the remaining land to RMA, contingent on Heritage Partners being reimbursed for invoices totaling $122,551.12 by MEDC.
Heritage Partners’ attorneys have requested a formal acknowledgement that MEDC will reimburse the funds upon Heritage Partners closing on the remaining land.
Staff is requesting an extension for their contract to October 31, 2017.
Justification
N/A
Funding Source
4A
Prepared By
Scott Welmaker, Director, MEDC