HomeMy WebLinkAbout~Master - Extension of agreement for Campustown Redevelopment Project RESOLUTION NO. 10-534
RESOLUTION APPROVING EXTENSION OF MASTER DEVELOPMENT
AGREEMENT FOR CAMPUSTOWN REDEVELOPMENT PROJECT
FOR THE CITY OF AMES
WHEREAS, on May 25, 2010, the City of Ames and Iowa State University entered into a
Master Developer Agreement with Lane4 with respect to the redevelopment of portions of
Campustown; and,
WHEREAS, the Master Development Agreement indicated that the parties would execute a
Memorandum of Understanding (MOU), more specifically setting forth each party's rights and
obligations in connection with the Campustown redevelopment,on or before November 21,2010,but
allowing for the parties to negotiate extensions in the event they were unable to negotiate and execute
the MOU by that date; and,
WHEREAS, Lane 4 has requested an extension of the term for an additional 180 days to
May 20, 2011, due to the great scope of the project and to obtain real estate contracts for additional
properties slated for redevelopment in the area.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that
the extension of the Master Developer Agreement until May 20,2011,with Lane4 for the Campustown
Redevelopment Project is hereby approved.
ADOPTED THIS 23rd day of November, 2010.
LY-11& -A. .4/. 4944t.,
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
Seconded by: Wacha
Voting aye: Davis, Goodman, Mahayni, Larson, Orazem, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23' day of November, 2010.