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Item # 6.c.

City Council (FY24)

Meeting Date:	04/23/2024
Department:	Economic Development
Key Focus Areas:	Economic Development and Revitalization

AGENDA CAPTION:

Consider action on a Resolution approving an unsubordinated ground lease between the Town of Addison and AMLI Residential Partners for development of three (3) stand-alone buildings comprising approximately 18,000 square feet of retail space for operation of retail, restaurant and/or entertainment uses in connection with the Addison Circle Area Transit Oriented Mixed-Use Development Project; authorizing the City Manager to execute the agreement; and providing an effective date.

BACKGROUND:

As part of the proposed transit-oriented development project at the Addison Silver Line Station, the city will lease land to AMLI Residential Partners, LLC for development of a retail/restaurant/entertainment area to activate the transit-oriented office and residential components and to provide pedestrian connections and public open space between the DART rail station and Addison Circle Park. This ground lease captures the terms and conditions of the lease, including:

A 99-year term for the lease
Commencement of rent
Deadlines for commencement and completion of construction
Initial annual rent of $50,000 and calculation of annual rent increases
A minimum of 18,000 square feet of building space with 20% of the site dedicated to open space
Prohibited and permitted uses
Maintenance of the property
Allowed construction, demolition and alteration of improvements
Assignment of the ground lease and subleasing

RECOMMENDATION:

Administration recommends approval.

Attachments
Presentation - TOD Ground Lease
Resolution - TOD Ground Lease (Retail)
Ground Lease - Retail