To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a First Amendment to Coliseum Parcel Redevelopment Cooperation Agreement between the City of Richmond, Virginia and the Economic Development Authority of the City of Richmond for the purpose of facilitating the development of a mixed-use City Center.

This ordinance authorizes the Chief Administrative Officer to execute a First Amendment to the Coliseum Parcel Redevelopment Cooperation Agreement between the City of Richmond and the Economic Development Authority (EDA). The amendment aims to facilitate the development of a mixed-use City Center.

Key changes include:

• Extension of the Outside Conveyance Date: The deadline for the EDA to convey the Coliseum Parcel to a third-party developer is extended by three years from the execution of the First Amendment.
• Phased Development: The EDA is now permitted to pursue redevelopment of the parcel in component parts, allowing for conveyance or ground lease of portions of the parcel to one or multiple developers, rather than the entire parcel at once.

This amendment revises the original agreement from 2022 (Ordinance No. 2022-144) which had a 24-month timeframe for the EDA to convey the parcel.

This action extends the timeline for developing the Coliseum Parcel and allows for a more flexible, phased approach to its redevelopment into a mixed-use City Center. Residents can expect the project to move forward, potentially with multiple developers involved.

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