Resolution FPRA 24-02 Authorizing and Directing to Proceed with the Reverter to Retake the King's Landing Property, to Include Authorization for Litigation. 

Audubon Development has been notified by the City and the FPRA that it is in default of the Amended and Restated Agreement for Development of King's Landing and the First Amendment thereto. A Notice of Default was sent to Audubon Development by the City Manager on March 21, 2024 due to the failure of Audubon Development to submit the application for building permits or DPCR approval for Phase 2 by the March 18, 2024 deadline to do so. Audubon subsequently requested an extension of the cure period, which was granted by the City Commission and the FPRA. The cure period was extended to June 4, 2024. Audubon Development failed to apply for the required building permits or DPCR approvals during the extended cure period and continues to be in default. Additionally, on June 16, 2024, pursuant to the Amended and Restated Agreement for Development of King's Landing and the First Amendment thereto, Audubon Development is required to Commence Construction on Phase 2. 

The prepared Resolution authorizes and directs the City Attorney, or their designee, to proceed with exercising the Reverter to re-enter and retake the King's Landing Property, to include the initiation of litigation.

Staff will proceed as directed.

Staff will proceed as directed.

Sara Hedges, City Attorney

Nicholas Mimms, City Manager
Shyanne Harnage, Community Redevelopment Agency Administrator