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News & Announcements

January 22, 2021
Governing Body to Consider Mutual Termination of Midtown Development Agreement

City Has Many Options Moving Forward

Because of risk factors mostly associated with financial uncertainty caused by the COVID pandemic, the master developer of the Midtown District Site is proposing a mutual termination of the Exclusive Negotiating Agreement (ENA) entered into with the City in May, 2020.

KDC Cienda made the proposal in a letter to Mayor Webber on January 21. The Governing Body will vote on whether to mutually terminate the agreement at its January 27, 2021, meeting. The letter states: “The complications and uncertainty caused by COVID and government-ordered shutdowns have created greater risk and cost to this development that neither party could have anticipated.” Read the letter from the developer here.

City officials and prospective partners have gained valuable information from the “due diligence” process. That knowledge will help guide choices for the best way to move ahead with the Midtown site.

Teams from various City departments are now developing proposals and solutions for moving forward. While terminating the ENA, the KDC Cienda team and many of its local partners have indicated an ongoing interest in continuing to participate in the development of the Midtown Site.

“As everyone knows, COVID changed the economy. The economic facts have changed and now we need to change as well. The good news is that many of our key partners are still interested in working with us and are asking how they can stay involved,” says Mayor Webber.

More information will be forthcoming after the January 27 Governing Body session, which will be live-streamed and open to the public on Zoom. Find the Agenda and instructions for viewing and participating on santafenm.gov.

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