Title
Review of Draft Exclusive Negotiating Agreement (ENA) For Redevelopment of the Former Griswold's Property in Partnership With Big Rock Capital Partners
Recommended Action
Committee Recommendation:
Not referred to committee.
City Manager Recommendation:
Review the draft Exclusive Negotiating Agreement (ENA) and recommend moving it forward to Council for review.
Report
Issue:
Whether to receive an update on the process that has led to the draft ENA and review draft elements for possible recommendation.
Staff Contact:
Renee Sunde, Economic Development Director, Community Planning & Development Department
Presenter(s):
Renee Sunde, Economic Development Director
Keith Stahley, Community Planning & Development Director
Leonard Bauer, Deputy Director, Community Planning & Development
Background and Analysis:
Request for Proposal - Downtown Redevelopment Opportunity
The City of Olympia issued a Request for Proposal (RFP) on July 22 to identify a qualified development partner to fulfill the City's primary objective to create a vibrant mixed-use development on the property. Two proposals were received by the September 23 deadline. The City's Review Committee (City staff, Mayor Pro Tem Jones and representatives from ECO Northwest, Pacifica Law Group, and the National Development Council) formally recommended to CERC the selection of Big Rock Capital Partners as a qualified development partner.
At the October 24 CERC meeting, the committee approved the recommendation to Council to accept the redevelopment proposal recommended by the review committee and requested a briefing of the draft Exclusive Negotiation Agreement (ENA) during the November CERC meeting.
The proposed ENA is an agreement between the City of Olympia and Big Rock Capital Partners that will provide a framework for next steps and define obligations of the developer and the City of Olympia. The agreement allows for the exclusive right to conduct due diligence and negotiations with th...
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