Pensacola City Manager Al Coby has issued a memo to the city council that the developer agreement between CMPA and the Maritime Park Development Partners has yet to be finalized. He states that significant progress has been made and believes an agreement will be reached.
The outstanding points are:
-Whether termination of the Development Agreement ends MPDP’s right to develop Private Improvements
-Whether the Developer is obliged to provide any insurance
-What is the standard of repair and maintenance
-What is the standard of condition of the Property upon lease termination or expiration
-Who receives insurance proceeds representing the value of the improvements in the event of casualty loss
Coby and the consultants will give the council a full briefing this afternoon at the Committee of the Whole.