| |
|
|
Following the City's selection of Leyland Alliance (April 2006), execution of an Exclusivity Agreement (September 2006), the community planning charrette (February 2007) and delivery of the Final Charrette Report (May 2007), the next steps are the execution of a Development Agreement and commencement of the SEQRA (state environmental review) process.
Development Agreement
The Development Agreement would establish the general obligations and responsibilities of the parties for advancing the Project, including, relevant business terms and public review procedures. Although the parties are obligated to work in good faith to fulfill the terms of the Agreement, the ultimate Plan, and many of its final economics, is subject to the completion of SEQRA and other public review processes, a review and analysis by the City of detailed economic pro-forma for the Project, and the execution of a final Land Disposition Agreement.
View the agreement:
Development Agreement Overview - August 07 Update (pdf)
The general terms of the draft Development Agreement include the following topics:
- Concept Plan
- Project Description
- Land Assemblage
- Allocation of Instrastructure & Public Amenity Costs
- Environmental
- City or Developer Default
- Developer Performance Guidelines and Default
- Developer Escrow Account
- No Assignment
The agreement goes to describe the next steps, as follows:
- Designation of Lead Agency and Upcoming Timetable
- SEQRA Environmental Review
- Governmental Permits/Approvals
- Proposed Chronology
|
|
|
