25C - AGMT ENA CARIBOU IND - Laserfiche WebLink

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Second ENA with Caribou May 7, 2019 Page 2 Proposed Project: Caribou industries proposes to replace the existing City -owned parking garage with a mixed-use development containing a 75 -room boutique hotel, 164 residential units, 15,320 sq. ft. of commercial space and rooftop amenities for the residential and hotel structures. The development would be comprised of two buildings: a 15 -story, 182 -foot -tall mixed used (residential and commercial) building and a 10 -story, 127 -foot -tall hotel building. The buildings would be separated by an extension of Sycamore Street to West 3m Street. The proposed project would provide 403 total structured parking spaces, including 211 public parking spaces and 72 stacker spaces for the separate hotel component. Progress to Date: Since the initial approval of the ENA, the project has undergone some design changes (Exhibit 2). Caribou Industries is currently completing the technical studies for the project and it is anticipated that the completion of the entitlement process will occur in late Fall 2019. The next step in the process will be to prepare and present a Disposition and Development Agreement (DDA) with updated business terms to City Council for consideration in late 2019. The DDA will further describe the final terms of the transaction, including a schedule of completion with milestones for the developer to achieve. The City will not convey the site until the developer has met all obligations defined in the DDA, obtained all approved permits and entitlements, and provided proof of financing for construction of the project. Significant progress on the entitlements have been made in the last 6 months. STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #3 (Economic Development), Objective #5 (Leverage private investment that results in tax base expansion and job creation citywide), Strategy A (Identify and market underutilized properties for new development that will create new jobs and expand the City's tax base). FISCAL IMPACT There is no fiscal impact associated with this action �� N Steven A. Mendoza Executive Director Community Development Agency Exhibits: 1. Second Exclusive Negotiation Agreement 2. Updated Renderings of Project 25C-2