MERIDEN a The city finalized its master development agreement with New Jersey-based The Michaels Organization for the redevelopment of the former Record-Journal property, making it the first of several such agreements for city-owned plots in downtown Meriden.

Later in 2014, The Michaels Organization submitted plans to build 81 housing units and roughly 15,000 square feet of commercial and retail space on the property.

2.

Under the agreement, The Michaels Organization is obligated to stay on schedule as best it can, and it is responsible for hiring contractors to do the work. In addition, the agreement stipulates that 25 percent of the total value of the stateas financial assistance be set aside for the hiring of subcontractors that are asmall contractors,a and further, that 25 percent of that portion be set aside for contractors who are aminority business enterprises.a

3. City obligations

While the city still owns the property, itas obligated to allow developers access to the site, and anegotiate in good faith with (the developer) concerning tax exemptions and abatements that may be availablea for the development, according to the agreement.

The city is also required to demolish the building on the site and leave the site in aclean and buildable condition,a which includes removing demolition debris from the property, removing and disposing of any underground storage tanks and abandoned utility lines, removing hazardous materials, and removing unsuitable soils and replacing them with clean soil.

As part of the purchase agreement between the city and Record-Journal Publishing Co., the media company is responsible for cleaning up any aunknowna environmental conditions discovered above and beyond those identified in the remedial action plan and environmental condition assessment form, established in July 2014 and May 2015, respectively.

4.

The developers will pay a deposit equal to 10 percent of the full price of the property once theyave secured low-income housing tax credits and commitments for financing the remaining development costs.

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aHaving a development agreement allows them (The Michaels Organization) to really start planning and designing the project,a Burdelski said.

In June 2015, Pennrose proposed a four-story mid-rise on the corner of Mill and State streets containing 90 market rate housing units and 80 units of mixed-income housing.

mcallahan@record-journal.com 203-317-2279 Twitter: @MollCal