Briefly scanning the terms of this agreement I find that:

In exchange for $1 a year the City is transferring to the developer responsibility for, "... all expenses, costs and disbursements of every kind and nature relating to or incurred or paid during the Term in connection with the ownership, operation and maintenance of the Property..."

Further, the developer, "...shall provide all utilities and other services to the Property required by Tenant, including any expense to connect or bring such utilities or services to the Property. "

The developer is given authority to, "...grant sub-leases and use agreements to third parties... (and) Tenant's use of the Property includes the right to demolish the existing buildings on the Property and otherwise prepare the Property for development..."

The City is further entitled to one-third of any rents collected

It would appear that the City is unloading active management of this property on the Developer. Considering the condition of the property and the City's demonstrated inability to manage the property profitably, the next best option is to distance itself from liability.  They appear to be doing that.  Sounds like a win for the community.  Not sure what the Developer gets out of it, but could it be worse than what we have now?

Thanks for bringing this to our attention, James.

--
Dennis
Moderator

--- In KBIN@yahoogroups.com, "kenmoreundressed" <kenmoreundressed@...> wrote:
>
> I've been taking a look at the City Council Agenda for the May 17th meeting regarding Kenmore Village. I would encourage you all to take a look at page 164 and ponder what giving Urban Partners LLC (or is it RECP/UP KENMORE, LP, a Delaware limited partnership?....whatever that means?) a $1 per year lease until December of 2016.
>
> http://kenmore.fileprosite.com/Documents/DocumentList.aspx?ID=9227
>