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� <br />EN HILLS <br />MEMORANDUM <br />DATE: December 20, 2010 <br />TO: Mayor and City Council <br />FROM: Jill Hutmacher, Commu�xty Developm.ent Director <br />SUBJECT: Presbyterian Homes TIF Cantract <br />Back�round <br />At a wor�C session and the regitlar Ciiy Council rneeting on December 13, 20 � 0, the City Couzacil <br />reviewed and discussed the proposed modification to tk�e Development Progaram �'or <br />Development District Na. l and the establishment of Tax Increznent Financing Disfrict No. 4 ta <br />assisi with the redevelopment of Presbyt�rian Ho�nes of Ard�n Hills. Background information <br />was proeided in the agenc�a packet for �lie December 13, 2010 regular Cify Council meeting <br />(item 6B}. <br />The City Council provided directian regarding negotiatians an the TIF Con�ract w�th <br />Presbyterian Homes. This zx�.e�o describes chaza.ges to th.e contxact requested by the C�ty <br />Couz�cxi. <br />Contract Revisions <br />Attached are redlined and clean copies of the Presbyterian Homes Contract for Private <br />Development. Changes to the contract reviewed by the City Council on D�cember 13, 2010 are <br />descrzbed below. <br />�ectian 1.1. Def nitions. A definition far Environmental Response Actions was added. The <br />change to the definition of Housing Revenue Bonds reflects the changes to financing provisions <br />zn Articie V�I af the contract. <br />Sectian 3.5, subsection {d). Environmental matters. Changes to this section include: <br />• The City and Develaper will caopera�e on seeking granfs from the State and other sources; <br />• The Developer will enter inio any agreements necessary fo disburse and administer grant <br />pxoceeds; <br />• The Developer sha11 not be obligated to pay �rz�ore tlaan $50,400 over and above grant <br />proceeds for environmental remediation; <br />City of Arden Hills <br />City Council Work Session December 20, .2010 <br />Page 1 of 2 <br />