I have started this process which I expect will be completed on or about March 31,2021. I must go through another regulatory or DRB process because the original project was revised. 'I am hoping to start construction by September 2021 but I must accomplish the following task before construction can be started. The developerвЂ™s success will mean hundreds of new homes, jobs, and activity in the heart of our city, which will in turn be a success for all of Burlington.вЂќДeveloper Don Sinex sent VBM the following comments about the process, start time and cost of the project: I appreciate the sustained effort that the development team, including the new local partners, put in to reaching this detailed agreement, and I wish them well in their ambitious plans. Paul and Pine Streets at no cost to taxpayers. вЂњThis settlement ensures that the City will achieve the long-held and transformational goal of reconnecting our downtown through St. вЂњWith this settlement, the City is holding the developers of CityPlace Burlington accountable for the past while also creating a path for the project to move forward,вЂќ said Mayor Weinberger. Mayor Weinberger and developer Don Sinex stand at what will be the reconnected St Paul Street next to LL Bean in April 2016, when the redevelopment was first proposed. (The developers of CityPlace Burlington will communicate separately all details about their project plans and timeline). Settlement of the lawsuit will allow the developer to continue through the remainder of the permitting, design, and financing processes towards construction. The developer has been pursuing revised land use permits for the site since last fall with the Burlington Development Review Board. Upon successful completion of that process, the City of Burlington will drop its lawsuit, the land for the reconnection of Pine Street and St Paul Street will immediately be deeded to the City at no cost to the taxpayers, and the legal relationship between the City and the developer will then be defined by an Amended and Restated Development Agreement. If approved by the City Council, the agreements would be executed immediately but conditionally, and then placed in escrow before becoming effective in mid-May 2021 once certain conditions have been met. The Administration will present the settlement to the City Council for discussion at its Februmeeting, and seek approval at the CouncilвЂ™s February 16 meeting. Settlement will result in the transfer of land for Pine and St Paul Streets to the City at no cost to taxpayers, create additional security to ensure that new streets will be built at no cost to the taxpayers regardless of progress on development, retain benefits of the original development agreement, and continue to protect taxpayers from all financial riskД«y Timothy McQuiston, Vermont Business Magazine After months of negotiations, Mayor Miro Weinberger announced today a settlement with the developers of CityPlace Burlington that retains the benefits of the original development agreement, secures millions of dollars in public benefits, and ensures that the project can move forward.

Guarantees reconnection of lost streets and allows developer to advance transformational project.

Miro weinberger