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Item # 5.a.

City Council (FY24)

Meeting Date:	01/23/2024
Department:	Economic Development
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 sixth Amended and Restated Memorandum of Understanding (MOU) between the Town of Addison and Co- Developers AMLI Residential and Quadrant Investment Partners for the Addison Circle Area Transit Oriented Mixed-Use Development Project and authorizing the City Manager to execute the sixth 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. Five 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.

With the approval of the fifth MOU amendment in October 2023, the extension gave the Town and AMLI Residential time to identify and select a new office developer. Qualified Investment Partners (QIP) was selected to assume the role of the office co-developer. This sixth MOU amendment updates provisions related to incentives, the anticipated office, retail and residential uses, and the design of the project with the new co-developers.

RECOMMENDATION:

Administration recommends approval.

Attachments
Staff Report - TOD 6th Amended MOU
TOA Presentation - TOD MOU
Developer Presentation - TOD MOU Amendment
MOU - TOD 6th Amended
Resolution - TOD MOU Amendment