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Item # 6.b.

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 and operation of a mixed-use, multifamily building containing retail space and approximately 400 residential units 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 construction of a 7 story multi-family podium development, including ground floor retail and an associated parking garage. The realignment of Spectrum Drive will be required to implement this project. This lease agreement captures the terms and conditions of the lease, including:

A 99-year term for the lease
Initial annual rent of $250,000
Commencement of annual rent and calculation of rent increases
Prohibited and permitted uses
Maintenance of the property and buildings
Payment of utilities and taxes
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 (Podium)
Ground Lease - Podium