City Council

CC 5. Disposition and Development Agreement with Diamond Development Partners, LLC Recommendation(s): 1. Approve the Disposition and Development Agreement with Diamond Development Partners, LLC for the sale and subsequent development of one industrial parcel located in the Lancaster Business Park. 2. Authorize the City Manager, or his designee, to execute (i) the Disposition and Development Agreement in substantially the form presented, subject to non-substantive changes approved by the City Manager and City Attorney; and (ii) all documents necessary or appropriate to complete the transaction. The City acquired several prime properties within the Lancaster Business Park with the purpose of fostering quality development projects. With over six million square feet of industrial development already in the pipeline, the proposed project will offer a sought-out product that is not currently being built in the City.