Agenda Date: 09/15/2026
Subject:
Title
Resolution 62-2026: Approving the first amendment to the Economic Partnership Incentive Agreement Between the City of Littleton and RIG Mineral LLC for Retail Sales Tax Share Back
Body
From: James L. Becklenberg, City Manager Prepared by: Rachel King, Economic Development Director Presentations: Rachel King, Economic Development Director
PURPOSE:
To consider the approval of the first amendment to the Economic Partnership Incentive Agreement (“Agreement”) between the City of Littleton and RIG Mineral LLC
LONG-TERM OUTCOME(S) SERVED:
Robust and Resilient Economy
DISCUSSION:
Large scale projects like the Mineral Place development are complex undertakings that often take several years to move from the initial concept to opening day. The timeline can be affected by many areas within the development cycle including but not limited to planning, property negotiations, financing, permitting, infrastructure coordination, regulatory review, site conditions, weather, and construction delays for a variety of reasons. Because of this, a development timeline should be treated as an estimate and re-evaluated as the project progresses.
Within the Agreement, Section 3(a) states, “Certificate of Occupancy. RIG shall execute a Purchase and Sale Agreement with Costco Corporation which shall receive issuance of a certificate of occupancy for a business in the Project no later than two-years from the date of execution of the Agreement.” The Agreement was executed October 1, 2024 thereby requiring a Certificate of Occupancy by not later than October 1, 2026.
Due to unforeseen delays in construction, the anticipated opening date for Costco Corporation is delayed and now anticipated to open to the public in March of 2027. Staff proposes the First Amendment to allow the Costco Corporation to receive issuance of a certificate of occupancy within an additional year’s time. The First Amendment will extend the deadline for issuance of such ...
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