HomeMy Public PortalAboutResolution 2021-04-09 Regarding Incentive Agreement for 78 Market Street North and 118 Market Street South Completion Date and Improvements TOWN OF FRASER
RESOLUTION NO. 2021-04-09
A RESOLUTION REGARDING THE INCENTIVE AGREEMENT FOR THE IMPROVEMENTS
AT 78 MARKET STREET NORTH AND 118 MARKET STREET SOUTH AND THE
CONDITIONS FOR EXTENDING THE COMPLETION DATE FOR SAID IMPROVEMENTS.
BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF FRASER, THAT:
(1) The Board finds and determines that:
(a) The Town of Fraser and Grand Park Development LLC ("Owner") executed an
Agreement for Certain Economic Inducements and Incentives, dated June 7,
2017 (the "Incentive Agreement"), by which Fraser agreed to allow certain
economic inducements and benefits to Owner, conditioned upon the construction
of commercial improvements on Owner's property, as described in such
Agreement;
(b) Owner commenced construction of the commercial improvements described as
78 Market Street North and 118 Market Street South (the "Incentivized
Improvements") within the time provided in the Incentive Agreement. However,
Owner failed to complete construction of said improvements by January 1, 2021,
as required by said Incentive Agreement, and the building permits for the
improvements have expired.
(c) Owner has applied for an extension of the completion date for the Incentivized
Improvements. Fraser has considered that request and has responded with a
statement of the conditions that would need to be met in order to reinstate the
building permits and allow for an extension of the completion date for the
Incentivized Improvements. As of this date, Owner has not agreed to those
conditions.
(d) By this Resolution, it is the intent of the Board to confirm the Town's position
regarding the conditions to be met for an extension of the completion date for the
Incentivized Improvements and the actions authorized if those conditions are not
met.
(2) The Board of Trustees hereby authorizes and directs the Building Department to extend
or reissue the building permits for the Incentivized Improvements without payment of additional
fees, but subject to any and all requirements of the Towns building regulations and subject to
possible recovery or reimbursement as provided in Paragraph 4 below.
(3) With respect to the Incentive Agreement, the Board of Trustees is willing to approve an
extension of the completion date for the Incentivized Improvements, but only to June 30, 2022,
provided that Owner satisfies the following conditions precedent within thirty (30) days from the
date hereof:
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(a) The final Plats and other necessary documents for the subdivision of the
properties upon which the Incentivized Improvements are located must be
finalized and recorded.
(b) Owner must execute a Construction Guarantee Agreement for the Incentivized
Improvements, in accordance with Town regulations, with acceptable surety in an
amount not less than $97,000.00.
(c) The terms of the Incentive Agreement must be amended to clarify that a
certificate of completion from the Building Department, rather than a certificate of
occupancy, will be accepted as evidence that the Incentivized Improvements
have been completed. The Incentive Agreement must also be amended to
specifically identify the Incentivized Improvements (consisting of the exterior
building shells, facades and landscaping) and the property upon which the
improvements are located. Upon Owner's acceptance of these conditions, the
Fraser Town Attorney will prepare an amended Agreement incorporating these
changes and forward it to Owner for execution.
(4) Upon satisfaction of the above conditions and receipt of the amended Incentive
Agreement and Construction Guarantee Agreement (with surety) signed by Owner within thirty
(30) days from the date hereof, the Town will agree to execute the amended Incentive
Agreement with the above terms and extending the completion date for the Incentivized
Improvements to and including June 30, 2022.
(5) If the conditions specified in Paragraph 3 are not satisfied by Owner within thirty (30)
days from the date hereof, the Owners request for an extension of the Incentive Agreement
shall be denied, the Incentive Agreement shall be terminated as provided in Subsection 4.a of
said Agreement, and the proper officials of the Town shall be authorized to recover payment of
all fees, taxes and other charges due, which otherwise have been or would be waived, rebated
or deferred pursuant to the Incentive Agreement.
READ, PASSED ON ROLL CALL VOTE, AND ADOPTED BY THE BOARD OF TRUSTEES
THIS 21St day of April, 2021.
Votes in favor: —1 BOARD OF TRUSTEES OF THE
Votes opposed: 0 TO N ASE , COLOR
Absent:
Abstained: BY:
Philip Vandernail, Mayor
OF FRgSF� ATTEST:
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Antoinette, McVeig , Town Clerk
COLD
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