STEP 1: An Inter-Governmental Agreement (IGA) adopted on May 11, 2022, between the BOMC and the DDA provides the DDA control of all the parcels mentioned above allowing the DDA to use its status as a development authority to engage with the developers. This agreement will outline the requirements set forth by the BOMC/DDA for these properties. It will include covenants for design guidelines, desired and prohibited uses of the properties, stipulations for the flow of funds, and ultimate ownership of key components of the parcels.
STEP 2: Memorandums of Understanding (MOUs) between the DDA and the respective developers are not binding but enable the development teams to confidently move forward with the design and financing of their projects. The MOUs will again be subject to discussion and a vote in a public meeting.
STEP 3: The DDA will contract with each of the development teams to execute these projects. These development contracts will form the basis of governance for the development projects' financing, design, construction, occupancy, and use.