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Item # 5.a.

City Council (FY24)

Meeting Date:	10/24/2023
Department:	City Manager
Pillars:	Optimize the Addison Brand
Milestones:	Effectively utilize and promote the Silver Line development with a first mile/last mile solution

AGENDA CAPTION:

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

BACKGROUND:

At its April 12, 2022 meeting, City Council approved an 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. Four subsequent amendments to the MOU were approved as the Town and the developer team worked to address the due diligence, zoning, and concept plan process as well as the draft incentive agreements, ground leases, and other documents necessary to advance the project.

Since approval of the fourth MOU amendment in June 2023, Stream Realty Partners has withdrawn from the project and will no longer develop the office portion. This fifth MOU amendment does not change any of the current provisions relating to incentives or the anticipated office, retail and residential uses and design of the project, but extends the term of the MOU until January 31, 2024. This extension will give the Town and AMLI Residential time to identify and select a new office developer. If this occurs, further amendments to the MOU will be necessary to address any updated terms and changes to the project schedule.

RECOMMENDATION:

Administration recommends approval.

Attachments
Presentation - TOD MOU Amendment
Resolution - TOD MOU Amendment
TOD MOU - 4th & 5th Comparison
Staff Report - TOD MOU Amendment
TOD 5th Amended MOU