City Council

CC 12. Amendment to Disposition and Development Agreement with Verdant Lancaster, LLC\n1. Approve a First Amendment to the Disposition and Development Agreement with Verdant\nLancaster, LLC for the sale and subsequent development of two additional commercial\nparcels located in the Front Row Center Area.\n2. Authorize the City Manager, or his designee, to negotiate, finalize, and execute (i) a First\nAmendment to the Disposition and Development Agreement in a form to be approved by the\nCity Attorney; and (ii) all documents necessary or appropriate to complete the transaction.\nThe existing DDA encompasses 29.58 acres, for which Verdant has created a master plan that\nincludes more than 600 units of market-rate and affordable residential units, two select-\nservice hotels, and supporting retail uses. Verdant has met all milestones established in the\nDDA’s schedule of performance to date, and has exceeded staff expectations in the quality of\nthe proposed development upon submittal for development review. Verdant is now seeking\nto expand their master plan onto two additional parcels totaling 6.92 acres, which are located\nadjacent to the existing project site.