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The applicants are requesting a one-year extension on their deadline to submit for building � <br />permits in order to give them time to pull together their financing package, which includes the <br />housing tax credits. <br />The building permit extension would not change, extend, or alter any other aspect of the <br />approved Development Agreement. <br />Recommendation <br />Staff recommends approving the amendment to Section 5.4 Subd A.2 of the Development <br />Agreement for Arden Village, LLC to extend the building permit deadline to June 30, 2012. <br />Options <br />1. Approve the proposal as submitted. <br />2. Deny the application with reasons for denial. <br />3. Table for additional information. <br />Attachments <br />A. Arden Village Development Agreement <br />City ofArden Hills <br />City Council Meeting for May 9, 2011 <br />• <br />GIDOCUME�IIMEAGAN I.BEEILOCALS /ITemp1ELF20/1OSOS 104516105-09-1/-RegularMeeting-ArdenVillageExtenstion-Memo.doc <br />Page 2 of 2 � <br />