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Item # 8.

Council Meeting 2023

Meeting Date:	06/27/2023
Department:	Information Technology
Pillars:	Innovation in Entrepreneurship & Business
Milestones:	Improve all modes of transportation with infrastructure in an acceptable condition and well maintained

AGENDA CAPTION:

Present, discuss and consider action on a Resolution approving a Fourth Amended and Restated Memorandum of Understanding (MOU) between the Town of Addison and Co-Developers AMLI Residential and Stream Realty Partners for the Addison Circle Area Transit Oriented Mixed-Use Development Project and authorizing the City Manager to execute the Fourth Amended and Restated MOU.

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 use development on Town and DART owned land in the vicinity of the future Addison Silver Line Station. Since that time three 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 amendment, approved on January 10, 2023, included minor modifications to the office and restaurant/retail/entertainment square footage, the number of multi-family residential units and associated parking and site improvements. The second amendment 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.
The third amended MOU, approved on April 25, 2023, reflected changes to the project schedule and amended the terms and conditions of public incentives to support the development, reflecting the changing conditions for construction and financing costs.

This fourth amendment includes refinements to the public incentives and changes in the size and design of the parking garages that will serve the office, retail and multi-family components of the project.

The attachments will be posted on an amended agenda.

RECOMMENDATION:

Administration recommends approval.

Attachments
Presentation - MOU
4th Amended/Restated MOU
MOU_Fourth Amended RE-LINE