Development & Disposition of Property Agreement Sample Contracts
MEMORANDUMDevelopment & Disposition of Property Agreement • May 15th, 2019
Attached hereto for your consideration is a Third Modification to the Agreement for Development and Disposition of Property related to the Heritage Plaza Garage Project. This modification amends the original master development agreement that was entered into in 1999 which contemplated a two-phase development to include the north office building parcel, a potential parking garage site, and a second 30,000 square foot office building site. (Exhibit “A”) At the time, the entire Heritage Block was under a single owner, Heritage Plaza-Lakeland, L.C., who requested Tax Increment Financing on the Project. The CRA agreed to a percentage of available increment that began at 100% and declined to 70% after 6 years until a total of $1.75 million had been returned to the owner, with the allocation split between the two phases. Of the total amount, $1 million was allocated to the Heritage office building, with the balance allocated to Phase 2 for the remainder of the site when it was eventually impr