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CffY OF ARDEN HII I <br /> MEMORANDUM <br /> DATE: July 20,1995 <br /> TO: Economic Development Committee r' <br /> FROM: Kevin Ringwald,Community Development Director <br /> SUBJECT: Everest Development Agreement\Gateway Business District <br /> The City has imposed a July 15, 1995 deadline for the completion of negotiations relating to the <br /> Everest\City Development Agreement in the Gateway Business District. I have provided you a <br /> summary of the outstanding issues as of July 13, 1995. <br /> 1. Corporate Site <br /> The developer is requesting that if they acquire\control two-thirds of the property that the <br /> project should be allowed to continue. Staff reasons that the primary intent of the agreement is <br /> to facilitate assemblage of all of the properties including the corporate site,which the <br /> developer is currently baking at. <br /> e2. Acquisition by Eminent Domain <br /> The development of language in this area which protects the City is complex and has yet to <br /> bear fr uthil results. The amount of land which the City may be required to condemn, <br /> maintenance of a public purpose,and maintenance of the City's sovereignty are major <br /> unresolved issues. <br /> 3. City Land Acquisition <br /> The developer proposes to purchase the City land in a certain period of time at$1.25 per <br /> square foot. Staff reasons that the developer should pay the average cost of land in the project <br /> as determined by acquisitions/condemnation. <br /> 4. T F Exdusivity <br /> Everest has identified three areas of TTF exclusivity which have yet to be addressed in the <br /> negotiations; <br /> A Use of TIF in the City, <br /> B. Indykavitz property;and <br /> C. Vaughn Towers property. <br /> 5. Letter of Credit <br /> The Letter of Credit is designed to protect the City if the project were to fail. The developer is <br /> attempting to minimize the Letter of Credit. The City is attempting to maximize the Letter of <br /> Credit. <br />