• On October 21, 2019, City Council approved a Disposition and Development Agreement(DDA) between Holland Acquisition Co., LLC (Holland) and the City of Vancouver to facilitate the construction of a large mixed use project on Block 10 to include Holland's corporate headquarters, located northeast of the intersection of Columbia and Eighth Streets, to be leased by Holland for up to 99 years with opportunities to purchase the property at years 60, 80 and after year 99;
• The DDA as approved stipulates a deadline for Holland to complete its due diligence of 60 days following approval of the DDA (December 20, 2019), as well as a deadline of December 31, 2019, for executing the ground lease; 
• Due to unforeseen delays, Holland has requested that the DDA be amended to allow for more time to complete their due diligence and execute the ground lease;
• The proposed amendment to the DDA would revise the date for Holland to complete their due diligence to January 27, 2020, and to execute the ground lease no later than March 31, 2020;
• No changes to the target dates for submitting permit applications, commencing construction or completing construction are requested or granted by way of this amendment to the DDA.

Goal 8: Strengthen commercial, retail and community districts throughout the City.

Objective 8.1: Surplus Block 10 and issue an RFP to solicit a use that will contribute to downtown vitality.

As lessee of Block 10, Holland is entitled to a due diligence period to examine any and all aspects of the property such as grading, settling, soil composition and conditions, drainage, hydrology, existence of Hazardous Materials (if any) structural aspects, easements, rights-of-way, feasibility, building and other permits, approvals, laws and restrictions, land use and other governmental conditions and restrictions, zoning matters, traffic and flight patterns, demographics, title matters, etc. Due to extenuating circumstances, Holland has not been able to thoroughly complete its due diligence within 60 days and is asking for an additional six weeks.

The initial deadline for closing on the lease agreement of December 31, 2019, was requested by Holland in order to fully utilize the Opportunity Zone benefits; however, they have now indicated that they would like to extend the deadline to February 28, 2020, with a right by Holland to extend the closing date upon request to no later than March 31, 2020.

There will be no changes to the target dates for submitting permit applications or commencing and completing construction.

1. The requested changes to the Disposition and Development Agreement for Block 10 are needed to ensure that the lessee has an opportunity to thoroughly determine that the project is feasible;
2. The permitting and construction timeline as outlined in the initial DDA will remain in effect.