Thread by @shayshinecastle

Next: Sale of the Pleasant Street parking lot to developers of the Hill hotel. Presentation: www-static.bouldercolorado.gov/docs/Item_3H_P…

Fair market value of that parking lot is determined by averaging the city's appraisal and developer's appraisal.

City appraisal $2.88M
Developer appraisal $2.6M
So, FMV = $2.74M

City may repurchase at that price if construction doesn’t start in 18 months
Developer wants to break ground in the fall

This is all in a letter of intent. If council agrees to enter into that, Nichols Partnership (developers) will submit a site review application

Some conditions on the developer (that they've agreed to):
$200,000 in tenant relocation
Transportation Demand Management plan to reduce SOV trips
Student work opportunities
Preferred rates for CU
Community access to grounds

"This is a pretty major protection in the LOI," deputy city attorney David Gehr says of the option for Boulder to repurchase the parking lot for sale price if development plans fall through.

Like if Boulder doesn't approve the plans, or financing doesn't pan out, etc.

One q from Weaver: When were these appraisals? Does COVID change those?
City's is 6-8 months old; developer's was in the spring of 2020

Weaver: I would flag that. I expect if there is major change, could we continue with letter of intent but change the sales price?
Gehr: "What we've agreed to right now is a price. Frankly there's risk on both sides to that price. Things could go up or down."

Gehr: "If the developer fails and does not construct a hotel, we get to buy it back at the same price it was sold. So I think that's a great protection for the city."

That's all for this one. @threadreaderapp please unroll. Thank you!