The Town Council unanimously approved a request from a developer to terminate an old development agreement that applies to a downtown parcel.

The move allows the developer to move ahead with a proposed plan that would ultimately use all of the vacant 18 acres south of Avenue of the Fountains.

The property owner, Park Place Properties LLC, asked the council to consider termination of an old development agreement.

The agreement between the town and MCO Properties was originally approved in 1997.

The council approved the plan with no discussion.

The development agreement was the document that transferred the property which is now the site of the civic center (Town Hall, Community Center and Library/Museum) as well as transferring Fountain Park to the town.

It also provided for some McDowell Mountain Preserve property to be transferred to the town.

Since most of the goals of the agreement have either been accomplished or become obsolete, Park Place is asking for a termination of the agreement to allow for its planned new development.

Staff recommended the council approve the termination with town Attorney Andrew McGuire describing the resolution as a “clean-up” item.

In its written report to the council, staff stated any outstanding issues related to the agreement are outweighed by the benefit of potential development in the downtown. The approval allows the developer to move on to its next step.

The proposed development calls for 50,000 square feet of commercial/retail space, 400 multi-family housing units proposed as apartments and 91 assisted living/memory care units.