File #: ID#18-5241    Version: 1 Name: 41 Devon-Deed Modification
Type: Action Item Status: Passed
File created: 10/8/2018 In control: Public Works
On agenda: 11/1/2018 Final action: 11/1/2018
Title: Approve a Deed Modification for certain real property located at 41 Devon Dr., legally described as Lot 1, less the West 110 feet thereof, Block B, Columbia Subdivision, extending the time-period to commence construction until August 26, 2020 and authorize the appropriate officials to execute same.
Attachments: 1. Modification of Deed, 2. 41 Devon Dr Location Map

SUBJECT/RECOMMENDATION:

Title

Approve a Deed Modification for certain real property located at 41 Devon Dr., legally described as Lot 1, less the West 110 feet thereof, Block B, Columbia Subdivision, extending the time-period to commence construction until August 26, 2020 and authorize the appropriate officials to execute same.

 

Body

SUMMARY: 

The City conveyed to Decade Sea Captain LLC (Decade), certain real property known as 41 Devon Drive pursuant to a Special Warranty Deed dated January 24, 2017.

The Special Warranty Deed granted to the City a right to repurchase the Property if vertical construction of a parking garage was not commenced on or before the expiration of the Construction Commencement Period, which was August 26, 2018. Decade has secured a Development Order to proceed with said construction; therefore, the City has determined an extension of the Construction Commencement Period would be in the best interest of the City.  To that end, the City and Decade desire to modify the Special Warranty Deed to extend the Construction Commencement Period for a term of two years to expire on August 26, 2020.