Agenda

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Item # 12.

Council Meeting 2023

Meeting Date:	11/08/2022
Department:	City Manager
Pillars:	Optimize the Addison Brand
Milestones:	Improve all modes of transportation with infrastructure in an acceptable condition and well maintained

AGENDA CAPTION:

Consider Action on a Resolution Approving a First Amendment to the Memorandum of Understanding Between the Town of Addison and Co-Developers AMLI Residential and Stream Realty for the Addison Circle Area Transit Oriented Mixed-Use Development Project; Providing for an Updated Project Schedule and Due Diligence Deadline; and, Authorizing the City Manager to Execute the First Amendment.

BACKGROUND:

At its April 12, 2022 meeting, the City Council approved a Memorandum of Understanding (MOU) between the Town and a Co-Developer team of AMLI Residential and Stream Realty Partners to execute a multi-phase, transit-oriented mixed used development on Town and DART owned land in the vicinity of the future Addison Silver Line Station. Since that MOU was established, the Co-Developer team has worked in good faith with Town staff to advance the due diligence process through the drafting of agreements and application for rezoning and concept plan review for this $472 million investment.

The purpose of this first amendment to the MOU is to provide sufficient time to address the complex technical considerations associated with this public/private partnership. This amended project schedule and due diligence period will provide sufficient time to complete needed agreements and zoning entitlements, and will allow the project to remain on track to break ground in late 2023.

RECOMMENDATION:

Administration recommends approval.

Attachments
Resolution - Approving First Amendment to Memorandum of Understanding
R22-020 - Addison Circle TOD Memorandum of Understanding