On Thursday, September 4, 2014, the Court of Common Council of the City of Hartford will hold a special session to receive and refer three related resolutions regarding the proposed redevelopment of Downtown North. Here are the proposed resolutions.
1. The first resolution allows 19 properties to be transferred to the developer “free and clear of any encumbrances and environmental conditions, if any.” The developer is to pay $1 for each of the 19 lots. Once the developer owns the properties, they are expected to “design, develop, and build” a ballpark and a mixed use community.
2. The second resolution allows the ballpark to be leased from the developer. There are two “material” lease terms disclosed; that the initial term of the lease is 25 years, and that the City will pay the “property taxes, insurance, utilities, maintenance, repair & replacement, including roof, mechanical and structural items.” There is no mention of a monthly rent in addition to the listed expenses among the material terms of the lease.
3. The third resolution allows the ballpark to be subleased to a specific Baseball Team. The initial length of the lease is 25 years. The team will pay annual rent of $500,000 for the first 15 years and $600,000 for the final 10 years. The lease is structured to allow extensions in five year terms, up to three times (15 years total). The annual rent amount is not specified beyond the initial 25 year term.
All three resolutions note that the Mayor, with Corporation Counsel’s approval, has the authority to negotiate the specifics with each party. They also note that nothing is official until the Mayor signs off with the Developer and the Baseball Team.
Finally, all three resolutions empower the Mayor to make future decisions related to the development, with Corporation Counsel’s approval without coming back to the Court of Common Council.