City of Fayetteville
File #: 17-485    Version: 1 Name:
Type: Other Items of Business Status: Agenda Ready
File created: 10/3/2017 In control: City Council Regular Meeting
On agenda: 10/9/2017 Final action:
Title: Prince Charles Holding ("PCH") Downtown Development Agreement - Second Amendment
Attachments: 1. Stadium area plat.pdf, 2. Downtown Development Agreement.pdf, 3. PCH COF first amendment DDA 7-14-2017.pdf, 4. DURHAM-#365023-v6-PCH_-_Fayetteville_-_Second_Amendment_to_DDA_(10-7-17) final.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
TO: Mayor and Members of City Council

THRU: Douglas J. Hewett, City Manager, ICMA-CM

FROM: Kristoff Bauer, Deputy City Manager

DATE: October 9, 2017

RE:
Title
Prince Charles Holding ("PCH") Downtown Development Agreement - Second Amendment
end

COUNCIL DISTRICT(S):
Council District(s)
All


b
Relationship To Strategic Plan:
Goal 4: Desirable Place to Live, Work and Recreate

Executive Summary:
The City has executed a Downtown Development Agreement ("DDA") with Prince Charles Holding, LLC. ("PCH") relating to the stadium development and Prince Charles Hotel redevelopment projects and Festival Park Plaza sale. The initial DDA focused predominantly on land transactions. Additional amendments were anticipated. The first amendment to that agreement, focusing on the management of the development of the plaza area of the project, was approved by Council on June 12, 2017. A second amendment, outlining the next steps in the development including financial guarantees, is attached (the agreement is in final review and will be attached Friday, Oct. 6, 2017. Staff is seeking Council authorization to execute this second amendment.

Background:
The City executed a Memorandum of Understanding with PCH in March, 2016. At that time, the main topics of discussion were the availability of parking and how to reconfigure the street system to support the renovation of the Prince Charles into a mixed use building, a hotel, and mixed use development on the site. That process was moving forward when the concept of placing a minor league baseball stadium was introduced in June 2016.

The DDA is a complex legal document the full completion of which is dependent upon the successful completion of design, survey, and other activities performed. The City, however, required control of the land in the development area in order to plat the property creating individual lots for the stadium, garage/hotel development, Amtrak, and a plaza area. These separate lots are req...

Click here for full text