Board Bill Number 74 In Session 2020-2021

Summary

Overall Purpose/Reasons for the Board Bill This Board Bill approves amendments to the Soccer Stadium Redevelopment Plan and the Master Redevelopment Agreement relating to the development of the MLS soccer stadium. The amendments authorize eminent domain proceedings to acquire a parking lot that must be removed. What the Board Bill Will Do Property acquisition for the soccer stadium is nearly complete. TKFC LC (the "Redeveloper") has acquired all of the property necessary for the construction of the stadium and related team facilities except for aforementioned parking lot. The Redeveloper has pursued acquisition of the parking lot by private negotiation for several months, including offers to identify and provide nearby replacement parking. The Main Components of the Board Bill Attached to the Board Bill are the amendments to the Soccer Stadium Redevelopment Plan and the Master Redevelopment Agreement. The Impact of the Board Bill to the Community The Board Bill is in furtherance of the Redeveloper's investment of more than $500 million in the City to attract an expansion Major League Soccer franchise and construct a professional soccer stadium and related team facilities.

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