Mayor, City Place developer release draft development agreement

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Mayor, City Place developer release draft development agreement

Wed, 10/04/2017 - 4:51pm -- tim

Vermont Business Magazine Mayor Miro Weinberger released the following statement today regarding the City and Devonwood’s release of the draft Burlington City Place Development Agreement. City Place is the $220 million residential and commercial development that will replace the current mall in downtown Burlington.

“For years, the City and Devonwood have pursued together an effort to bring much-needed housing, jobs, and environmental improvements to Burlington’s downtown and reinvent our failing downtown mall as a vibrant new neighborhood. The agreement has been carefully negotiated to protect the City from financial risk, forward community initiatives, and support the progress of this transformative downtown project. It is time to get this long-awaited project built – I respectfully urge the Council to approve the Development Agreement at its October 16 meeting.”

This draft Development Agreement (see draft Development Agreement here) represents one of the final steps of the joint effort prior to the start of construction. The agreement builds on the substantial work completed in the Pre-Development Agreement approved overwhelmingly by the Burlington City Council in May 2016, and resolves a path forward on a number of previously open issues, including:

  • Through a series of detailed conditions, requiring the developer to participate in the District Energy System if the City is able to deliver the system in a timely manner and at a competitive cost. A District Energy System is a critical strategy in the City’s effort to become a Net Zero City over the next 10-15 years.
  • Detailing the process for design, bidding, construction, and payment for the public improvements. These details comprise fourteen pages of the document and have been negotiated to ensure that the City secures high-quality public improvements at a fair price and is protected from construction risk and delay.
  • Securing additional funds from the project to support local businesses and expanded communication efforts, on top of prior commitments to support job fairs and other activities to ensure local residents are aware of new opportunities created by the project.

·       Determining the manner in which Devonwood will compensate the City for its development permit fees through a combination of cash and land contribution.

Source: Burlington 10.4.2017