Discussion and direction regarding the Second Amendment to the Amended and Restated Agreement for Development of King's Landing.

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. Audubon was previously granted 45 days to enter into a Joint Venture Agreement with Harbert Realty Services, LLC. A Joint Venture Salient Terms Agreement was received within that time period. Audubon has requested 90 days' due diligence period to form the Joint Venture. 

Audubon Development has requested a Second Amendment to the Amended and Restated Agreement for Development of King's Landing.

Staff will proceed as directed.

Staff will proceed as directed.

Sara Hedges, City Attorney

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