HomeMy WebLinkAboutMemo - Mail Packet - 6/22/2021 - Memorandum From Clay Frickey Re: Foothills Mall Property 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: June 10, 2021
TO: Urban Renewal Authority Board
THRU: Darin Atteberry, Executive Director
Kyle Stannert, Deputy City Manager
Jackie Kozak-Thiel, Chief Sustainability Officer
Josh Birks, Economic Health Office Director
FROM: Clay Frickey, Redevelopment Program Manager
RE: Foothills Mall property sale update
Bottom Line:
McWhinney, a Loveland based developer, closed on the Foothills Mall property on June 1. As
part of their due diligence, McWhinney sent an Estoppel Certificate to the Urban Renewal
Authority. This Estoppel Certificate requested that Authority staff confirm whether the original
developer fulfilled certain obligations in the Redevelopment and Reimbursement Agreement.
confirming there are no outstanding performance issues for the obligations stated in the Estoppel
Certificate. This allowed McWhinney to close on the property. It is unclear at this time what
Background:
In December, McWhinney, a Loveland based developer, entered into a contract with the receiver
of the Foothills Mall to purchase the property. McWhinney has spent 2021 performing due
diligence for purchasing Foothills Mall. At the beginning of May, the legal counsel for
McWhinney sent the Urban Renewal Authority a request to sign an Estoppel Certificate.
The Estoppel Certificate asked the Urban Renewal Authority to confirm whether the original
developer performed certain obligations established in the Redevelopment and Reimbursement
Agreement. After a thorough review and consultation with legal counsel, staff have confirmed
the original developer performed all obligations in the Redevelopment and Reimbursement
Agreement as requested in the Estoppel Certificate. This allowed McWhinney to close on the
property on June 1.
Now that McWhinney has purchased the property, they will begin exploring options for
redeveloping the property. Staff have met with McWhinney a few times during the due diligence
period to discuss potential redevelopment options for the site. Staff are unclear what
ne for redevelopment is.
As more information becomes available, staff will share this information with the Board. Staff
will continue to maintain a proactive relationship with McWhinney around imagining
development opportunities for the site.