INTER-OFFICE MEMORANDUM November 9, 2016
TO: Isaac Benton, City Council President
FROM: Suzanne Lubar, Planning Director
Albuquerque Rail Yard - Annual Assessment of Samitaur Constructs
Background and Purpose
The Albuquerque Rail Yards (the "Rail Yards") is owned by the City of Albuquerque (the "City") and is located within the Broadway and Barelas communities south of Downtown. The Rail Yards consists of approximately 27 acres and 19 buildings and is listed on the National Register of Historic Places and the State Register of Cultural Properties.
The City selected Samitaur Constructs ("Samitaur") as the Master Developer for the Rail Yards and entered into a Master Development and Disposition Agreement ("MDDA") with Samitaur on July 24, 2014. The MDDA outlines the relationship between the City and Samitaur regarding the Rail Yards and describes the steps Samitaur must take to obtain title to the site. Working with Samitaur, the Albuquerque City Council adopted a Master Plan for the Rail Yards on June 16, 2014.
As outlined in Section 9.27.1 of the MDDA, the Albuquerque Development Commission ("ADC") must make an annual assessment of whether Samitaur has employed Reasonable Diligence over the past year on development of the Albuquerque Rail Yards (the "Project") and must submit its assessment in the form of a written report to the City Council through the Planning Director. As outlined in the MDDA, Reasonable Diligence shall mean:
"...good faith and commercially reasonable efforts toward Project completion, appropriate to the phase of development and under all of the circumstances, by one or more of the following activities: marketing the Project to end users, preparing and applying for site development plans, preparing infrastructure plans, constructing or facilitating the construction of infrastructure or other improvements, engaging in historic preservation or environmenta...Click here for full text