Explanation
BACKGROUND: The City entered into an Economic Development Agreement dated September 11, 2019, pursuant to Ordinance Number 1993-2019, as to be amended by a certain First Amended and Restated Economic Development Agreement, pursuant to Ordinance Number 2135-2023 (collectively the “EDA”), with NM Developer LLC, a Delaware limited liability company (“Developer”), who will redevelop a 1.420 acres, more or less, parcel of real property located at 475 Wall Street, being Franklin County Parcel Number 010-307276, owned by the City and commonly known as the North Market parking lot (“Project Site”) into an approximate 32-story mixed-use development, including an expansion of the North Market, an atrium, an outdoor patio and entrance, additional retail, residential units, class A commercial office, hotel, and structured parking. As contemplated in the EDA, this legislation authorizes the Director of Finance and Management (“Finance”) to execute a Third Amendment to the North Market Lease Agreement between the City and the North Market Development Authority, Inc., dated December 1, 2015 as amended by the First Amendment dated March 1, 2018 and the Second Amendment dated August 15, 2021, which Third Amendment will extend the lease term until December 31, 2036, reduce the size of the leased premises including removing the Project Site and a 0.115 acre, more or less, portion that is now city right-of-way, and modify certain capital maintenance requirements. Additionally, this legislation authorizes the Director of Finance to quitclaim the Project Site, which has undergone grave site remediation, to the Developer in order to complete the redevelopment, and to grant, execute and/or accept all easements, agreements and other real estate documents and instruments, provided they are approved by the City Attorney’s Office, as required to complete the closings, conveyances, and redevelopment as contemplated in the EDA, including, but not limited to, an Access, Ingress...
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