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 use development on Town and DART owned land in the vicinity of the future Addison Silver Line Station. Since that time two subsequent amendments to the MOU were approved as the Town and the developer team worked to advance the due diligence, zoning and concept plan process, and draft incentive agreements, ground leases and other documents necessary to advance the project. The first amendment to the MOU, approved on November 8, 2022, provided an updated project schedule and due diligence period. The second MOU amendments included minor modifications to the office and restaurant/retail/entertainment square footage, the number of multifamily residential units and associated parking and site improvements. The Second Amendment, approved on January 10, 2023, also included refinements to the project schedule and set conditions for the developer team to pursue a new partner for the retail/restaurant/entertainment node at the core of the project.
As negotiations have continued on the final development agreements, additional amendments to the MOU have been identified. The purpose of this third amendment to the MOU is to reflect changes to the project schedule and to amend the terms and conditions of public incentives to support the development, reflecting the changing conditions for construction and financing costs.
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