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CITY COUNCIL AGENDA COMMUNICATION |
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| | | | | | | | | AGENDA DATE: | January 10, 2017 |
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| | | | | | | | | SUBJECT: |
Authorize the City Manager to Negotiate and Execute a Third Amendment to the Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP to Amend the Timing of Infrastructure Grant Payments and the Date to Commence Construction. |
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| | | | | | | | | STAFF RESOURCE: | Peter H. Vargas, City Manager
Dan Bowman, Executive Director of Economic Development |
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| | | | | | | | | PREVIOUS COUNCIL ACTION: | On April 14, 2015, City Council authorized the execution of an Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP.
On November 10, 2015, City Council authorized the execution of the First Amendment to the Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP.
On April 26, 2016 City Council authorized the execution of the Second Amendment to the Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP and approved additional funding for the Hotel and Convention Center Project. |
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| | | | | | | | | ACTION PROPOSED: |
Authorize the City Manager to Negotiate and Execute a Third Amendment to the Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP to Amend the Timing of Infrastructure Grant Payments and the Date to Commence Construction. |
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| | | | | | | | BACKGROUND
This Third Amendment to the Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP incorporates a change in the timing of the payments for the Infrastructure Grant and the Date to Commence Construction.
The current agreement calls for the City's portion of the grant, $5.1 million, to be paid at the time the Certificate of Occupancy is issued. This amendment changes the timing of that payment to be consistent with the timing of the payment for the AEDC and CDC portion of the grant to be paid upon submitted construction invoices for the associated infrastructure.
This amendment also reflects a change of the construction start date to March 1, 2017.
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| | | | | | | | BUDGETARY IMPACT
The funds are already allocated for this project, so changing the timing of the Infrastructure Grant payments does not impact the budget.
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| | | | | | | | STAFF RECOMMENDATION
Authorize the City Manager to Negotiate and Execute a Third Amendment to the Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP to Amend the Timing of Infrastructure Grant Payments and the Date to Commence Construction.
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| | | | | | | | MOTION
I made a motion to authorize the City Manager to negotiate and execute a Third Amendment to the Economic Development Incentive Agreement and Civic Center Agreement with TCH Altera AHCC, LP to Amend the Timing of Infrastructure Grant Payments and the Date to Commence Construction.
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