As previously announced, we will be having a special City Council meeting tomorrow, 12/10, to address the notification from Wells Fargo of an intent to sell the Town Center project to a joint venture consisting of Sares Regis, Hunter Properties, and J.P. Morgan. This proposal is a significant step in our efforts to complete the Town Center, so we will be discussing this at length all day.
The meeting will start with discussion of what is called direction on Article 6. In simplest terms, we have the ability to decide whether the proposed recipient of the project satisfies the criteria established in our development agreement. Staff is recommending a finding that the recipient does satisfy the criteria laid out in the ADDOPA.
The rest of the day will involve discussion of the Town Center project, the agreements and entitlements, and a market assessment that was done to update our understanding of the retail market space and factors that may contribute or detract from the success of the project