OCR Text |
Show ; By Johansen-Thackeray and Company , . 'Bountiful Towme Centre' site plan to be presented o in I J L J I ) .-. .. ,100. WEST, j - W kctorfcuil iiSpOOO a.F. j igSnir S3r SS5.B SSTW - Z wtj Mill S.w j-J- , i I w ""'iii'iii'ii::::::::::":: i r lUT Tt IHI O ck 0 ) fj I JS I frl 1- I Iril GRP t 1 lhrt fiTr 1 . , , . MAIN ST. " - p q o p V - ! BOUNTIFUL TOWNE CENTRE SITE PLAN xie r4o'-d 1 t By PAUL CHALLIS News Editor BOUNTIFUL The Planning and 7-oning Commission will hold a special meeting on Tuesday at 7 ; p.m. to discuss the proposed "Bountiful Towne Centre." a downtown shopping plaza. ' Cheryl Oku bo, Planning Com- mission chairman, said it will be an opportune time for residents to take a long look at the proposed de- velopment. "Anyone interested in the de-velopment de-velopment and the enhancement of the downtown area is invited and encouraged to be at the special planning commission meeting,' j Okubo said. "It is at an important point, the planning stages of the de-velopment, de-velopment, for local citizens to get V involved." She also stressed that the plann-jj plann-jj ing commission would like to get a jf feel for how the residents of Boun-$ Boun-$ tiful feel about the planned 180,000 J square foot shopping center on Block 29 that is scheduled to be an-1 an-1 chored by six major stores. 5 The Bountiful Redevelopment ;J Agency is optimistic that the multi- million dollar project will help re S juvenate the downtown area and has signed an option agreement with J Johansen-Thackeray and Company f of Salt Lake City to find clients to 'Jt make the center a reality. The terms of the option agree- ment with Johansen-Thackeray and Company for a three-block J downtown area will be for a period of five consecutive segments (ben-jr (ben-jr chmarks) commenced in January. The current, or first benchmark, is near completion and includes the r developer preparing and submitting ' conceptual approval of the RDA jj and Bountiful City Planning Com- mission, a site plan showing the A proposed project, parking and J elevations of the shopping center. The developer will also meet with property owners between Center Street and 200 South, and Main Street and 100 West, summarize sum-marize the meeting in writing and make recommendations as to whether or not each owner is interested inter-ested in a sale or other disposition of the property. Upon completion of the first ben- V chmark, the developer may extend through the second benchmark. In the event the seller (RDA) deter- ,. mines in reasonable judgment that o the buyer (developer) has not per- r formed the functions required for the first phase, the seller has the right to terminate the agreement. City Attorney Layne Forbes has given the RDA legal advice that "the option agreement offers the RDA five opportunities to terminate the agreement. It is dra'Aii up to give you many ways out." Johansen-Thackeray and Company Com-pany also can terminate the contract at its choosing at any of the five benchmark periods. During the second benchmark, also a 90-day period, the bu yer will execute a binding option or purchase pur-chase agreement on all properties necessary for the propos-ed development, de-velopment, obtain sellers on 100 South between Main Street and 100 West. In the third benchmarl another 90 days, the buyer must obtain letters of intent from tenants willing to occupy no less than 50 percent of the space of the project. In the fourth period, another 90 days, final zoning site plain is to be approved by Bountiful Ciity and applications ap-plications for the construction of the project. The fifth and final benchmark, months 13-15, will close the loan for the construction of the on and off-site improvements, and provide evidence of financing to seller. Other requirement include purchase of all the property necessary for the development of the shopping center, complete architectural tlraw-ings, tlraw-ings, commence construction on the development and notice of exercise of option shall be given in writing on or before the expiration olf the final benchmark. Developer John Thackeray has reported to the RDA that the first phase of the project has gone very well. "We are very encouraged at this point in the process. We have made firm proposals to land owners he said. "With the war over it appears the economy will get stronger and there will be more money availa ble for the project, which we feel i s a good sign. "We have been encouraged by the response from the property owners. No one has turned us down yet They seem to have a civic responsibility about the future of the downtown area. Negotiations look promising," he added. Developers will be at the planning plann-ing commission meeting to answer questions from the public about the proposed development. Johansen-Thackeray Johansen-Thackeray and Company need to obtain approval of the project from the planning commission. The "Bountiful Towne Centre" site plan will be presented to the Bountiful City Planning and Zoning Commission on Tuesday, March 26 at 7 p.m. by the developer of the project, Johansen-Thackeray Johansen-Thackeray and Company. |