At next Tuesday's City Council meeting, the Council is expected to select the developer for the "Delano Catalyst Site," the property bundle including the once-promised Delano Park West and the surplus Advance Learning Library property. Kansas City-based EPC Real Estate beat out three other proposals, including one from Delano's own InSite, to win the deal. Here is the summary from the meeting agenda (large PDF!):
Delano Catalyst Site RFP
Essential Deal Points
Both the City and Developer, EPC Real Estate Group, LLC have agreed in principle to the following key development terms. If the Council agrees with the Committee recommendation and selects the developer, these terms will be drafted into the appropriate development agreement and real estate purchase contracts.
Property: Approximately 7.2 acres adjacent to the new Advance Learning Library at McLean and Sycamore and directly west of the River Vista apartment development.
EPC Agrees to:
- Minimum Improvements Required:
- Public Improvements
- Gathering Area
- Site A
- 170 - 210 apartment units
- Site B
- Minimum 3 Star Hotel-85 -100 rooms
- Commercial space: 5,000 square feet minimum
- Project Start and Completion Requirements:
Developer agrees to the following construction schedule:
- Start construction no later than August 1, 2017
- Full project completion (Site A & B and public improvements) By December 31, 2019
- EPC agrees to develop in accordance to submitted site plan and elevations shown below
- Purchase Price:
- Site A $500,000 to Seller
- Site B $250,000 to Seller
City Agrees to:
- City agrees to sell Site A & B for the development of a mixed use project proposed by EPC Real Estate Group, LLC.
- Industrial Revenue Bonds:
- City will agree to issue Industrial Revenue Bonds for construction and materials sales tax abatement
- City agrees to establish a pay as you go Tax Incremental Financing (TIF) District.
Developer and City Agree:
- Brokerage Fee: The City will not be responsible for any brokerage commission due to any agent.
- Confidentiality: Seller and Buyer agree to keep all information concerning the Purchase and Sale of the Property, whether verbal or written, confidential before, during and after the Close of Escrow, subject only to Buyer’s obligations under the Kansas Open Records Act. Seller further agrees that it shall not negotiate or discuss the sale of the Property with any person or entity except the Buyer, for a period of thirty (30) days from the date of this letter.