Mayor, City Place developer release draft development agreement

By District Energy posted 15 days ago

  

Vermont Business Magazine

Summary

Mayor Miro Weinberger released the following statement today regarding the City and Devonwood’s release of the draft Burlington City Place Development Agreement. City Place is the $220 million residential and commercial development that will replace the current mall in downtown Burlington.

“For years, the City and Devonwood have pursued together an effort to bring much-needed housing, jobs, and environmental improvements to Burlington’s downtown and reinvent our failing downtown mall as a vibrant new neighborhood. The agreement has been carefully negotiated to protect the City from financial risk, forward community initiatives, and support the progress of this transformative downtown project. It is time to get this long-awaited project built – I respectfully urge the Council to approve the Development Agreement at its October 16 meeting.”

This draft Development Agreement (see draft Development Agreement here) (link is external) represents one of the final steps of the joint effort prior to the start of construction. 

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