HomeMy WebLinkAboutMemorandum of Agreement Civic Block Development Proposal E IDIANI=- �} MERIDIAN
development corp.
REVIVE• RENEW• REDEFINE
Bill Truax, President
Galena Opportunity Fund
999 W. Main Street, Suite 1400
Boise, ID 83701
RE: Memorandum of Agreement for Civic Block Development Proposal
Bill:
The City of Meridian and the Meridian Development Corporation are sending this letter to
acknowledge the conclusion of their relationship with Galena Opportunity Fund on the Civic
Block proposal. The MOU dated November 26, 2019 expired according to its terms at 5:00pm
on January 31, 2021.
We appreciate everyone's efforts on the Civic Block proposal and wish you and your associates
success in your future endeavors.
City of Meridian Meridian Development Corporation
Cameron Arial Ashley Squyres
Community Development Director Administrator
City of Meridian ■ 33 E. Broadway Avenue ■ Meridian, ID 83642
Phone 208-888-4433 0 www.meridiancity.
MEMORANDUM OF AGREEMENT
CIVIC BLOCK DEVELOPMENT PROPOSAL
This MEMORANDUM OF AGREEMENT ("Agreement") is made this 2_�q day of
November, 2019 ("Effective Date"), by and between the City of Meridian, a municipal corporation
organized under the laws of the State of Idaho ("City"), and Meridian Development Corporation, an
urban renewal agency organized under the laws of the State of Idaho ("MDC") and the Galena
Opportunity Fund, a Delaware Limited Liability Company registered to do business in Idaho
("Respondent"). The foregoing may be collectively referred to as "Parties" or individually as a
"Part "
Y•
WHEREAS, MDC in cooperation with the City issued a Request for Proposals ("RFP")
seeking proposals from interest parties for the development or redevelopment of the Civic Block
property containing parcels owned by the City and MDC;
WHEREAS, Respondent submitted the sole proposal and that was selected by MDC and
the City subject to certain contingencies including the Respondent's proposal to de -annex a portion
of the existing downtown urban renewal district encompassing Respondent's property and the civic
block and the subsequent creation of a small new urban renewal district specific to their project;
WHEREAS, the Parties desires to describe the process necessary for the Respondent's Proposal
to move forward;
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged and agreed, and in consideration of the mutual promises and
covenants herein contained, the Parties agree as follows:
1. The portion of Respondent's proposal for de -annexation of a portion of the existing urban
renewal district and the creation of a new smaller site-specific urban renewal district is a legislative
process by the City. The City makes no commitment whatsoever regarding the de -annexation and
creation of a new district as this action involves a public process. Following that process, City will
consider whether this aspect of the proposal is in the public interest and meets the requirements of
Idaho Code or not. The City only agrees to go through the public process and makes no agreement
regarding the outcome of that process.
2. MDC and the City's acceptance of the Respondent's proposal was conditioned upon the
attached list of contingencies (See Exhibit A attached hereto and incorporated by reference herein).
The Parties acknowledge and agree to these contingencies.
3. The Respondent agrees that its Proposal will remain valid until the completion of the public
process for the de -annexation and creation of the new site specific district and, if said request is
approved by the City, the negotiation and possible execution of an owner participation agreement
with MDC regarding the project.
4. The Respondent agrees to move forward with the City Parks and Recreation Department in the
design of the Community Center.
5. The Respondent is responsible to prepare and pay for the necessary information, analysis and
MEMORANDUM OF AGREEMENT RFP CIVIC BLOCK PROJECT PAGE 1 OF 4
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documents that are required by Idaho Code and that it feels are needed to support the creation of the
new smaller site-specific urban renewal district. Respondent will present this information to MDC
for comment prior to making their request and presenting the information to the Mayor and City
Council regarding de -annexation and creation of the new site-specific district.
6. The Respond may request reimbursement for its expenses related to the creation of the new site-
specific district and the initial design of the community center. If the de -annexation and creation of
the new site-specific district does not occur, then there will be no reimbursement of any of the
Respondent's costs. If the new site specific district is created then MDC agrees to consider a
request for reimbursement of the initial expenses described in this paragraph and that it will
negotiate in good faith regarding an owner participation agreement which addresses the
reimbursement of the costs of certain reimbursable public improvements constructed by Respondent
with any reimbursement occurring over time from a portion of the tax increment generated in the
site specific district and received by MDC.
7. This Agreement is governed by the laws of the State of Idaho, constitutes the entire
understanding between the Parties and may not be modified except by written consent of all the
Parties. This Agreement will automatically terminate upon the City's denial of the Respondent's
request to approve the de -annexation and creation of the new site-specific district, the negotiation
and execution of an owner participation between MDC and Respondent or at 5:00pm on January 31.
2021 whichever occurs first.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of
the date first noted above.
MERID N DEVELOPMENT CORPORATION:
By: bave Winder, Chairman Attest: Ste Vlassek, Secretary
CITY OF MERIDIAN:
Tammy de We 01
Mayor
GALENA QPPORTUN� FUND:
Bill T
President
Auc,�
c ;►y „r
C��' `E IDIAN
IDAHO
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the
MEMORANDUM OF AGREEMENT RFP CIVIC BLOCK PROJECT PAGE 2 OF 4
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