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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 011/14/05 <br />TOPIC: Resolution No. 05-03 Approving the Assignment and <br />Release of Certain Obligations under the Contract for <br />Private Development with Hartford Development, Inc. <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The Economic Development Authority entered into a Contract for Private <br />Development with the Hartford Group on December 20, 2004, (amended on <br />September 13, 2005) setting forth the terms and conditions of redevelopment for <br />Legacy at Woods Edge. <br />The Contract acknowledges that Hartford Group plans to sell certain portions of <br />the development property to subdevelopers, and requires that any proposed <br />subdeveloper assume all the obligations of the developer for the portion of the <br />property being transferred. The subdeveloper must agree to be subject to all the <br />conditions and restrictions of the Contract, including the construction of minimum <br />improvements on the site. <br />This EDA action releases the Hartford Group from the conditions that will be <br />assumed by the subdeveloper (GCI Builders, Inc.) for the Country Inn & Suites <br />site. This release will be delivered upon approval of the site development <br />agreement with the Country Inn & Suites developer. <br />OPTIONS: <br />1. Approve Resolution No. 05-03 Approving the Assignment and Release of <br />Certain Obligations for the Country Inn & Suites site under the contract <br />with Hartford Group. <br />2. Do not approve Resolution No. 05-03 <br />3. Return to staff for further consideration. <br />RECOMMENDATION: <br />Option 1 <br />