A new agreement outlines the potential for the city to provide millions to the Electric Works project.
The City released the development agreement Wednesday, showing the city would pursue the public and governmental approvals necessary to generate $62-million of funding for use in the project.
This funding is subject to certain procedures and conditions. This includes the developer providing evidence the project can be constructed at the anticipated cost and the economic impact predicted will occur within a timeframe acceptable to the city.
The city also needs to review and approve the environmental condition and remediation plan for the site. The agreement states if either party is unable to obtain the necessary authorizations, commitments or approvals before August 31, either party can terminate the agreement. Also, if the conditions to closing are not satisfied on or before December 31, 2018 then either the City or the Developer may terminate the agreement.
The funding will be distributed through a neighborhood development corporation. In order to receive any of the money, the developer needs to post a $5 million letter of credit payable to the city in the event of a default by the Developer until the Project has been completed.
You can read the full agreement below.