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NDC – TPSS Co-op Letter of Intent Negotiations

NDC – TPSS Co-op Letter of Intent Negotiations

The Takoma Junction City-owned parking lot is to be redeveloped to revitalize the commercial area. Takoma Park City Council selected Neighborhood Development Company as the developer for the project.

The Takoma Junction Development Agreement (Section 4) included a list of actions that must be undertaken within a specified timeframe. One action was the submission of a Letter of Intent (LOI), executed by NDC and the TPSS Co-op. An LOI is a non-binding agreement that establishes the terms and conditions of a future lease arrangement between a landlord (NDC) and a tenant (Co-op). The LOI was not signed by the deadline and Council authorized NDC to seek a new anchor tenant on January 11, 2017.

The reports submitted by NDC detailing the status of their negotiations with the Co-op regarding the required LOI are posted below. The City is not a party to these negotiations.

Takoma Junction Redevelopment Sections