On March 11, 2024, the City Council will be considering a resolution that gives the City the ability to continue exploring and carrying out due diligence on the potential redevelopment of the City block that is being called Memorial Block. Due diligence in real estate is the process of thoroughly investigating and evaluating all issues impacting a property and determining if a project meets the strategic objectives of the developer. Areas that are typically investigated include: financial analysis, legal and regulatory compliance, property inspection, environmental assessment, title and survey and market analysis for the proposed development.

The area being considered includes all of the property that sits on the block bordered by Main St. on the south, S. Union St. on the east, College St. on the north and S. Winooski Ave. on the west. Both the Fletcher Free Library and College Street Congregational Church are included only to ensure that any plans are coordinated to support and enhance upgrades involving both properties.

At this time, CEDO seeks approval to execute what is referred to as a Pre-Development Agreement (PDA). The PDA is essentially an agreement for the parties to work diligently and exclusively in pursuit of a mutually beneficial arrangement to advance the greatest public good with these municipal assets. This Pre-Development Agreement creates a schedule for the due diligence required by both parties to determine the feasibility and financial, legal and operating structure for a comprehensive redevelopment of this important part of our downtown. This agreement and the work that will result from its adoption will lay the foundation for future agreements needed to bring this potential concept to fruition. The PDA does not guarantee that any development will proceed unless and until the City Council authorizes the next steps required in the development process.

For more information on the PDA, go to this link https://www.burlingtonvt.gov/CEDO/Memorial-Auditorium, and contact CEDO Director Brian Pine for additional information on this project at bpine@burlingtonvt.gov

Apr 28, 2024, 1:30 to 3 PM

May 1, 2024, 3:30 to 4:30 PM

May 2, 2024, 7 to 8:30 PM