HomeMy WebLinkAboutMemo - Mail Packet - 3/2/2021 - Memorandum From Clay Frickey Re: Foothills Mall Sale Update
Urban Renewal Authority
222 Laporte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.2231
970.224.6107 - fax
fcgov.com
MEMORANDUM
DATE: February 25, 2021
TO: Urban Renewal Authority Board
THRU: Darin Atteberry, Executive Director
Jackie Kozak-Thiel, Chief Sustainability Officer
Josh Birks, Economic Health Office Director
FROM: Clay Frickey, Redevelopment Program Manager
RE: Foothills Mall Sale Update
In December 2020, foreclosure proceedings began for Foothills Mall and the mall entered
development partner to purchase the property. McWhinney Real Estate of Loveland, CO signed
a Purchase and Sale Agreement (PSA) with the intent to purchase the property earlier this month.
The Coloradoan published a story about this today. Below are some implications staff would like
sale of Foothills Mall:
McWhinney is performing due diligence per the PSA. The sale will not be finalized until
later this year.
This PSA will not likely impact the Urban Renewal Authority. Staff does not anticipate
renegotiating the Redevelopment and Reimbursement Agreement due to the sale of the
property.
Any purchaser of the property looking to redevelop the site will have to go through the
development review process.