City Council

CC 5. Disposition and Development Agreement with Diamond Development Partners, LLC\nRecommendation(s):\n1. Approve the Disposition and Development Agreement with Diamond Development\nPartners, LLC for the sale and subsequent development of one industrial parcel located in the\nLancaster Business Park.\n2. Authorize the City Manager, or his designee, to execute (i) the Disposition and\nDevelopment Agreement in substantially the form presented, subject to non-substantive\nchanges approved by the City Manager and City Attorney; and (ii) all documents necessary\nor appropriate to complete the transaction.\nThe City acquired several prime properties within the Lancaster Business Park with the\npurpose of fostering quality development projects. With over six million square feet of\nindustrial development already in the pipeline, the proposed project will offer a sought-out\nproduct that is not currently being built in the City.