Between 2008 and 2009 the District and Vision McMillan Partners, LLC worked through the terms and conditions of its agreement, culminating in crafting an amended summary term sheet on February 12, 2009. These negotiations covered the guaranty terms, the financing committed by both VMP, LLC and the District for land development, the Land Disposition Agreement (LDA) and other general matters.
The amended terms sheet
- VMP could now choose to include additional members in VMP.
- Finance and development activities were discussed rather than simply planning and construction activities.
- The term sheet now afforded rights for vertical development in addition to land development. VMP also gained responsibility for selection of now VMP member companies to perform vertical development. Previously VMP ‘might’ have vertically developed portions of the site.
Financial Commitments of the District for Land Development
According to the amended summary term sheet signed in February 2009, VMP was solely responsible for paying all costs and fees associated with obtaining approval through the Planned Unit Development (PUD) and Historic Preservation Review Board (HPRD) processes.
Conducting Feasibility Studies for the Site and Surrounding Market
Capturing Community Needs and Concerns
Bringing Trammell Crow Company onto the Vision McMillan Partners, LLC team