Common Contracts
1 similar Development Agreement contracts
DATE: January 6, 2005 SUBJECT: Development Agreement between City of Urbana and Bear Properties, LLCDevelopment Agreement • January 6th, 2005
The purpose of this memorandum is to seek approval for the Mayor to enter into a development agreement with Bear Properties, LLC. in consideration of its desire to construct a new $600,000, 6,000 square foot retail and office building at 400 North Broadway Avenue on a portion of the former Gill Sports site (shown as Parcel 3 and adjacent right-of-way on attached exhibit). If approved, the agreement would require the City to vacate a portion of the right-of-way for the former Courtesy Road, pursuant to the developer’s satisfactory completion of goals in the timelines laid out in the agreement. The City would retain a utility easement on a portion of the vacated right- of-way.
