Department of Community Development
Reference: Partial Assignment and Assumption of Bromley Park Filing No. 103 Development Agreement
To: Mayor Gregory Mills and Members of City Council
Through: Jane Bais DiSessa, City Manager
Marv Falconburg, AICP, Deputy City Manager
Holly Prather, AICP, Community Development Director
Prepared By: Mike Tylka, AICP, Assistant Director
Date Prepared: September 27, 2021
PURPOSE
The purpose of this agenda item is for the City Council to review and consider approving and authorizing the Mayor to sign a "Partial Assignment and Assumption of Bromley Park Filing No. 103 Development Agreement" ("Assignment").
STRATEGIC FOCUS AREAS
? Recognizable and Well-Planned Community
? Financially Responsible
? Supportive, Sustainable Infrastructure
BACKGROUND / REVIEW CRITERIA / SUMMARY OF FINDINGS
In January 2010, the City Council approved the Final Plat and Development Agreement for the Bromley Park Filing No. 103 Subdivision ("Development Agreement"). Bromley Park Filing No. 103 is an industrial subdivision comprised of two (2) lots: Lot 1, Block 1 and Lot 2, Block 1. The Developers of Filing No. 103 are King Paul 1, LLC, Jacobs Colorado, LLC, and IVE Colorado, LLC (collectively, "Developer").
The Developer recently sold Lot 2 to Bromley Owner, LP ("Owner") for the purposes of an industrial development.
In connection with the transfer of Lot 2 to the Owner, the Developer has requested an assignment of certain obligations under the Development Agreement applicable to Lot 2. Section 9.4 of the Development Agreement permits such an assignment, provided that the new owner / developer expressly assumes such obligations. The Owner has agreed to assume and perform all remaining obligations of the Development Agreement as to Lot 2 (see attached).
Western United Electric Supply Company ("WUESC") occupies abutting industrial land and facilities to the west, including Lot 1. In July 2010, the City, the Developer, and WUESC entered i...
Click here for full text