Council members passed the second amended and restated development agreement with the Grata Development February 21 at their council meeting. Grata Development received rezoning approval from the Gardner City Council for a $200 million mixed-use development located at the southeast corner of 175th St. and I-35 in Gardner in October, 2019. The first amendment to the agreement was passed Oct. 19, 2020. The second amendment changes include removing the developer’s de-annexation remedy, removing the issuance of CID bonds and the payment associated with the interest, increasing the common CID Cap to allow reimbursable expense in lieu of interest and clarifying the infrastructure milestones with phasing. Tyler Ellsworth, city bond counsel, said they wanted to emphasize the development agreement wouldn’t have a financial impact to the city, and they had just increased the principal and taken the interest away.
Source: Gardner News
