Review COR TWO fees and construction cost allocation

The development of the Sunwood retail area requires considerable shared construction and fee allocation due to the common access and utility improvements associated with the project.  The development team has worked with staff, counsel, and the three buyers on this site to establish an equitable allocation of both the development fees associated with the plat, and the construction of common improvements such as access drives, sanitary sewer, watermain, storm sewer, signage, and landscaping.

The development team will present the current allocations and staging for these improvements, as well as a funding scenario for staging these improvements.

The development team recommends the HRA approve the proposed allocation of development fees and construction costs, and direct the team to incorporate necessary language into current purchase agreements. 

Land sale proceeds as loan prior to disbursement.

Approve the proposed allocation of development fees and construction costs, and direct the development team to incorporate necessary language into current purchase agreements.