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City Council Agenda Request
March 4, 2025
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AGENDA REQUEST NO: III.J.
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| | AGENDA OF: City Council Meeting |
| | INITIATED BY: Alba Penate-Johnson, Assistant Director of Economic Development |
| | PRESENTED BY: Alba Penate-Johnson, Assistant Director of Economic Development |
| | RESPONSIBLE DEPARTMENT: Economic Development |
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| | | | | | | | | AGENDA CAPTION: | | Consideration of and action on authorization of a Mutual Termination Agreement with Imperial Power Plant, LLC. |
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| | | | | | | | | RECOMMENDED ACTION: | | Approve the Mutual Termination Agreement between the City of Sugar Land and Imperial Power Plant, LLC. |
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| | | | | | | | | EXECUTIVE SUMMARY: | On May 21, 2024, the City of Sugar Land entered into a Lease Option Agreement with Wartsila Development and Financial Services (Wartsila), granting access to 8.2644 acres on Tract 2 of the former prison site for surveys, soil boring, analysis, and Phase I Environmental audits. On or about May 24, 2024, Wartsila assigned the agreement to Imperial Power Plant, LLC. Following further evaluation, both parties have mutually agreed that termination of the agreement is in their best interest. The Mutual Termination Agreement formalizes this decision, releasing both parties from any remaining obligations under the original agreement.
Staff recommends approval of the Termination Agreement. |
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| BUDGET |
| | EXPENDITURE REQUIRED: |
| | CURRENT BUDGET: |
| | ADDITIONAL FUNDING: |
| | FUNDING SOURCE: |
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