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• If the Developer's costs for environmental remediation exceed $50,000 over and above grar�t proceeds, th� Developer will notify the City. The Ciiy fhen has two options: o Reqttire �ie Developer to cleax and seed the paroperty and provzde the City with either an open space covenant or a restrictive easement {to be determined by the City}; or o Notify the Developer that the City u��l proceed to closing and accept responsibility for any re�naining er�vironmental mitigation beyond the $50,040 obligation of the Developer. Section 4.5. Construction af Utility Improvements and County Road Improvements. Because the City o� Roseviiie may want to assess their portion af the izx�provennents to County Road D, it will need to be a publicly bid project. The Developer ancllor its contractor rnay choose to bid on the project on the same basis as other bidders. The Developer may also choose to pay 100% of project costs (including Roseville's portion) and construci the road improvernenis iiself. The Develaper is required to corr�plete the project no later than December 31, 2016. Section 7.1. Develaper Financing. The conduit debt issuance fee will be calculated as 1% of the first $5 million in bonds, 0.5% of the next $I S million ($5-$20 million), and 0.25% of any bond amount above $20 million. If Presbyterian Homes issues $38 million in bonds, this will result in a total fee of $170,000. The fee will be calculated on an aggregate basis. For example, if consecutive bonds of $15, $12, and $I 1 rnillion are issued, the fees will be $100,000, $42,540, az�:d $27,500 for a total fee of $170,000. In all ather respects, cand�it debt fees wzll be consistent with the City's exisiing Private Activity Bond Policies. LHB Report The City hired LHB, Inc. to prepare a Report of Inspection Procedures and Results for Determining the Qualifications of a Tax Increment Financing District as a Renewal and Renovation Distt�ict as required by State Statutes. Tl�e report has been revised to clarify ihai although the Sutton Place buildin.g is zaot structuxally sub-standard, the building requires substantial renovation or clearan.ce because it is obsolete and nat suita.ble for canversion. The revised report will replace the report provided as Appendix F in t�e Tax Incre�nent Plan far Disirict No. 4 provided in the December 13, 2010 agenda packet. A minor change has also been made #o Appendix G in the Tax Tncrement Plan. Nothing else in the TIF Plan has changed since fhe December 13, 2010 agenda. Reco�nmendation Staff recommends that the City Council approve ihe Contract for Private Developxzaenfi. Attachmen�s A: Black-lined copy of Contract far Private Development showing changes since Dec. 13, 2010 B: C�ean capy of Contract for Private Developmen� C: Revised Appendices F& G to the Ta�c Increment Finance Plan for District No. 4 D: Resolution 2010-OS 1 E: Resplution 2010-0$2 F: Resolution 2010-083 City of Arden Hills City Counczl Work 5ession December 20, 2010 Page 2 of 2