Recommend approval for amendment to Sales Contract with Foram Development for purchase of former police traffic unit property located on 2115 Bull Street. The City entered into a contract agreement with Foram Development to sell a lot on Bull Street which was formerly used by the police traffic unit, for a mixed use development. The contract was awarded to Foram Development, LLC who was chosen after responding to the City’s request for proposals (“RFP”) during the event set on August 25, 2017.  That proposal included a plan to redevelop the property with a multi-story apartment complex and parking garage. The awarded buyer has agreed to pay a price of $687,000 to acquire the property. The City’s objective in issuing the RFP was to sell surplus land to raise funds for new city buildings, and to incentivize a developer to build non-transient permanent residential housing in the central business district. Council has made it a priority to attract permanent residents, instead of transient guests into the district.

A lawsuit was filed by some citizens seeking to stop the sale of the property, and this has delayed the project. The suit was dismissed by the Court last week. The developer has requested an extension of the Entitlement Period under the contract to account for the delay necessitated by the litigation.

Approval