Loading...
HomeMy WebLinkAboutAgenda Item - 2026-06-02 - Number 12.1 - Presentation - North Anchor Project - Sixth Amendment to the DDA COMMUNITY VA to DEVELOPMENT %1 Cr4 � m U � O ° REGOc\ North Anchor — Sixth DDA Amendment June 2 , 2026 Request of LORA Board • Listen to staff update regarding Sixth Amendment to the DDA with Urban Development + Partners ( UD+P) • Discussion • Vote to authorize the LORA Executive Director to sign the Sixth Amendment to the DDA. Respect. Excellence. Trust. Service. North Anchor Project SPRCELAAC Hotel . Multi- PARCEL s • family Multi -It kJ- - • Boutique Hotel (Parcel A — LORA owned) • One 4-story building -. „ -` ' AVENUE • 88 hotel rooms • ^'10,000 square feet restaurant and thermal spa • On-street and off-street parking • Additional valet parking to be provided off-site • Mixed-use Residential (Parcel B & C — UD+P owned) • Two 4-story buildings • 66 apartments, including 8+ units affordable to households whose incomes are 80% or less of area median income • ^'5,700 square feet of ground floor retail • On-street and off-street parking Respect. Excellence. Trust. Service. North AnchorProject / frelP 1 PARCEL A • - t 1 r Hotel PARCEL B K 1 Funding • . � • Multi_ PA � • (r► PARCEL C ; , - _ family Multi- • Boutique Hotel � = - • � -�; AVENUE • CPACE financing approved by County �' • UDP still needs to find equity • Mixed-use Residential • All financing has been identified • Majority of equity found • Ready to move forward • Land use permits are on a path for staff-level approval • Re-submission of building permits is expected within next few months Respect. Excellence. Trust. Service. NORTH ANCHOR PROJECT 2024 2025 2026 2027 202S 2029 AmendmentDeadline Overview Current Proposed . Deadline Extension Q1 Q2 Q3 Q4 Te r m s DDA Final Pre-Closing Termination Date 6/30/27 6/30/28 6/30 1 . Separate h ote I Mixed-Use Residential (Parcels B & C) Property Closing 10/10 & residential Demo of Office Building on Parcel B N/A 12/31/26 12/31 • Proof of Financial Wherewithal 6/3/26 6/3/27 6/3 schedules Building Permits 7/8/26 7/8/27 7/8 2 . Residential . Begin Construction 7/8/26 7/8/27 7/8 Environmental Review/Remediation 10/8/26 10/8/27 10/8 Demo starts DEQ "No Further Action" Letter 12/31/26 12/31/27 12/31 • by end of Complete Construction (18 months) 6/30/28 6/30/29 6/30 2026 Hotel (Parcel A) 3 . Hotel : Check Project Check-in N/A 12/30/26 12/30 Proof of Financial Wherewithal 6/3/26 12/30/26 12/30 in by end of Property Closing 6/30/26 12/30/26 12/30 2026 Building Permits 7/8/26 8/31/27 8/31 Begin Construction 7/8/26 8/31/27 8/31 Complete Construction (18 months) 6/30/28 8/31/29 8/31 E 1 ' � PARCELq �, 1RCB lP � Amendment Terms ( cont . ) HotlE PARC• `.� '� _ R f Multi- E� al° family Multi ,.. 'c _ _ _ Tamil • 4. Updating the Default section of the DDA � � BAVENUE , - p g • Reducing the cure period from 270 to 150 days • Removing the "inability to secure equity or financing" from the list of unavoidable delay's 5 . Clarifications regarding LORA's remedies if construction of the mixed-use residential component does not occur per schedule 6. Updating contact information for both parties Respect. Excellence. Trust. Service. Request of LORA Board • Discussion • Vote to authorize the LORA Executive Director to sign the Sixth Amendment to the DDA with Urban Development + Partners ( UD+P) . Respect. Excellence. Trust. Service. 0 CASk-r4 m � OrAigillo ° RE � o� Thank you . Respect. Excellence. Trust. Service.