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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />APRIL 21, 2020 <br />TITLE: <br />APPROVE FIRST AMENDMENT TO <br />SECOND EXCLUSIVE NEGOTIATION <br />AGREEMENT WITH CARIBOU <br />INDUSTRIES FOR THE THIRD STREET <br />AND BROADWAY DEVELOPMENT <br />/s/Kristine <br />CITY MANAGER <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 111 Reading <br />❑ <br />Ordinance on 2" ° Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />RECOMMENDED ACTION <br />Authorize the City Manager to execute a first amendment to the second Exclusive Negotiation <br />Agreement with Caribou Industries to extend the term for a six-month period from May 6, 2020 to <br />November 6, 2020 for the Third and Broadway development, subject to non -substantive changes <br />approved by the City Manager and City Attorney. <br />DISCUSSION <br />On May 6, 2019, the City Council approved a second Exclusive Negotiation Agreement (ENA) with <br />Caribou Industries to allow for the preparation of various technical studies and environmental <br />review in preparation of a Disposition and Development Agreement (DDA) for the Third and <br />Broadway development project. This ENA is set to expire on May 6, 2020 and staff is requesting <br />an additional extension to allow for the continued development of the DDA and processing of <br />entitlements for the project (Exhibit 1). During this year, Caribou has made several changes to the <br />project, which included adding affordable rental units. <br />Proposed Project: <br />Caribou Industries proposes to replace the existing City -owned parking garage at 201 W. 3rd Street <br />with a mixed -use development containing a 75-room boutique hotel, 171 residential units (17 units <br />for very low income), 14,819 sq. ft. of commercial space and rooftop amenities for the residential <br />and hotel structures. The development would be composed of two buildings: a 16-story, 182-foot- <br />tall mixed used (residential and commercial) building and a 10-story, 127-foot-tall hotel building. <br />The buildings would be separated by an extension of Sycamore Street to West 3rd Street. The <br />proposed project would provide 411 total structured parking spaces, including 211 public parking <br />spaces and 55 stacker spaces and 37 valet for the separate hotel component. <br />25A-1 <br />