City Council

CC 12. Amendment to Disposition and Development Agreement with Verdant Lancaster, LLC 1. Approve a First Amendment to the Disposition and Development Agreement with Verdant Lancaster, LLC for the sale and subsequent development of two additional commercial parcels located in the Front Row Center Area. 2. Authorize the City Manager, or his designee, to negotiate, finalize, and execute (i) a First Amendment to the Disposition and Development Agreement in a form to be approved by the City Attorney; and (ii) all documents necessary or appropriate to complete the transaction. The existing DDA encompasses 29.58 acres, for which Verdant has created a master plan that includes more than 600 units of market-rate and affordable residential units, two select- service hotels, and supporting retail uses. Verdant has met all milestones established in the DDA’s schedule of performance to date, and has exceeded staff expectations in the quality of the proposed development upon submittal for development review. Verdant is now seeking to expand their master plan onto two additional parcels totaling 6.92 acres, which are located adjacent to the existing project site.