Staff recommends that Council accept the Release of Development Agreement with Albertson's, LLC for their store located at the intersection of 54th Street West and Grand Avenue.

 

In 2017, the City and Albertson's, LLC entered into a Development Agreement for Albertson's to pay for water and sewer services needed to serve their development that was being constructed as part of the City's W.O. 16-09 Grand Avenue widening project.  A condition of that Development Agreement stated that once improvements were completed and all funds paid by Albertson's to the City, a Release of Development Agreement will be processed.  All improvements were constructed and all funds were collected from Albertsons satisying the 2017 agreement.  Staff recommends Council approve the Release of Development Agreement, with no fiscal impact to the City.

On January 23, 2017, City Council approved the preliminary plat for Bishop Fox Subdivision, Amended Lot 1, Block 1, located at the northeast corner of 54th Street West and Grand Avenue.  As a condition of that subdivision plat, the water and sanitary sewer services needed to serve that lot should be constructed in conjunction with the City's W.O. 16-09 Grand Avenue widening project.  A Development Agreement with Albertson's, LLC was executed by Council on March 27, 2017, identifying the responsibilities and cost thereof for Albertson's portion to construct their water and sewer services as part of the City's Grand Avenue widening project.

One of the conditions of that Development Agreement stated, "Upon completion of the project, the parties will record a termination and release of this Development Agreement."  The project has been completed and all funds stated within the Development Agreement have been collected by the City.  As such, Albertson's has satisfied the requirements of their original Development Agreement and both parties agree to process a Release of the Development Agreement.

Albertson's, LLC has satisfied the conditions of the Development Agreement and has paid all associated funds stated within the Development Agreement.  There are no fiscal effects to the City of Billings as a result of processing this Release of Development Agreement.

The City Council may:

• Approve the Release of Development Agreement with Albertson's, LLC; or
• Not approve the Release of Development Agreement with Albertson's, LLC.  If not approved, one of the conditions of the original Development Agreement would not be satisfied.