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|Chairman Linda W. Cropp
at the request of the Mayor
A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
Chairman Linda W. Cropp, at the request of the Mayor, introduced the following resolution, which was referred to the Committee on Economic Development.
To approve the negotiated Land Disposition Agreement (Sales Contract) for the sale of Lot 824, located in Square 1189, to Millenium Georgetown Development L.L.C.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this resolution may be cited as the "Disposition of Lot 824 in Square 1189 to Millennium Georgetown Development L.L.C. Approval Resolution of 1998."
Sec. 2. The Council of the District of Columbia has reviewed and approved the proposed Land Disposition Agreement concerning the lease and sale of Lot 824 in Square 2560 [sic] by the Department of Housing and Community Development to the Millennium Georgetown Development L.L.C.
Sec. 3. The Secretary to the Council of the District of Columbia shall transmit a copy of this resolution, upon its adoption, to the Mayor of the District of Columbia.
Sec. 4. This resolution shall take effect immediately.
DISTRICT OF COLUMBIA
PROJECT PROPOSAL SUMMARY
A PROPOSAL (LAND DISPOSITION AGREEMENT) TO SELL PROPERTY LOCATED IN SQUARE 1189, LOT 824, BETWEEN 31ST STREET, SOUTH STREET, WISCONSIN AVENUE, AND K STREET, IN NORTHWEST.
I. DESCRIPTION OF PROPERTY
II. DESCRIPTION OF PROPOSAL
Millennium Georgetown Development L.L.C. proposes to purchase Lot 824 for the purpose of building a comprehensive mixed-use development (requiring Large Tract Review) that adaptively reuses the Incinerator Building and, in combination with all the remaining property in Square 1189, consists of a 450 space public parking garage, 100,000 square feet of condominium apartments, a 125 room boutique hotel, a 2,200 seat multi-theater art cinema and 75,000 square feet of retail space.
III. PROPOSAL BENEFITS
Development of this property will remove a major eyesore that has been vacant and unused since the closure of the old incinerator in the 1970s and create adaptive new uses that return it to producing income, sales and property tax revenue for the District. The project development will produce many market rate housing units, provide much needed public parking, add high quality retail space and add a much need art cinema complex to fill the void left by the recent closure of both the Key and Biograph Theaters.
IV. REQUIRED PUBLIC ACTION
The public actions required for disposition are: 1) approval by the D.C. Financial Responsibility and Management Assistance Authority; 2) holding of a public hearing; and 3) execution of the sales contract and lease agreement documents.
The printed legislation also includes a letter of understanding dated January 27, 1998 between the Department of Housing and Community Development and Millennium Georgetown Development L.L.C. and District of Columbia Contract No. DC-DHCD-97-33 with the Millennium Georgetown Development, L.L.C.
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