AGENDA DATE: 9/16/2020
TITLE:
Title
Third Amendment to Woolen Mills Economic Opportunity Fund Performance Agreement
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of Third Amended Economic Opportunity Performance Agreement between the County, the EDA, and Woolen Mills, LLC to revise the project completion date and to authorize the County Executive to permit additional extensions as needed
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, DeLoria, Johnson, Newberry
PRESENTER (S): Roger Johnson
LEGAL REVIEW: Yes
REVIEWED BY: Doug Walker
BACKGROUND: On September 12, 2018, the Board authorized the County Executive to execute a performance agreement with Woolen Mills, LLC and the Albemarle County Economic Development Authority on behalf of the County regarding the $1 million infrastructure investment associated with this project. This investment supported the following specific public service uses: 1) public parking for recreational amenities, 2) a pedestrian bridge and trail linkage, and 3) transit improvements - shuttle partnership.
The original project completion date was December 31, 2019. As the construction progressed, the Developer requested to adjust the deadline to June 30, 2020, due to revisions in the construction schedule (Attachment A). The deadline was later adjusted to September 30, 2020, as the timeline for approvals, delivery, and installation related to the bridge took longer than originally anticipated. The Second Amended Agreement aimed to accommodate the updated timeline (Attachment B).
STRATEGIC PLAN: Economic Prosperity: Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals.
DISCUSSION: Despite the on-going public health pandemic, progress towards the completion of all the public service uses in the County's performance agreement at the historic Woolen Mills site continues to be made. Most significantly, the bridge has be...
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