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12-21-16 JDA
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12-21-16 JDA
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<br />Joint Development Authority <br /> TCAAP Redevelopment Project <br />AGENDA ITEM 8a <br /> <br />MEMORANDUM <br /> <br /> <br /> <br />DATE: December 15, 2016 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Directors Iverson and Olson <br /> <br />SUBJECT: Master Developer Preliminary Development Agreement – Amendment No. 1 <br /> <br />Budgeted Amount: Actual Amount: Funding Source: <br />n/a n/a n/a <br /> <br /> <br />Background: <br />The Preliminary Development Agreement (PDA) is a document that serves to outline the responsibilities of the Joint <br />Development Authority (JDA) and Alatus Arden Hills LLC during negotiations for a Master Development Agreement <br />(MDA). The JDA approved a Preliminary Development Agreement with Alatus Arden Hills LLC on June 6, 2016. The PDA <br />is set to expire December 31, 2016. <br /> <br />Since June, Alatus has worked with the City to identify changes to the TCAAP Regulating Plan and TCAAP Redevelopment <br />Code. The City Council approved an amended Regulating Plan and Redevelopment Code at their December 19, 2016 <br />meeting. These land use changes are paramount to the development of a MDA. <br /> <br />The amended PDA extends the agreement for five months (May 31, 2017) and revises milestones dates. The original <br />PDA identified key milestones in the development of a MDA ensuring good faith efforts were being made by Alatus and <br />JDA. <br /> <br />The amended PDA continues to guarantee Alatus that the JDA will negotiate only with them during this period, and <br />revises a benchmark for delivering good faith efforts in the development of a MDA by February 28, 2017. <br /> <br />Staff from the JDA and representatives from Alatus Arden Hills LLC have agreed to this form. <br /> <br />Attachment <br />a. Amendment No. 1 Preliminary Development Agreement with Alatus Arden Hills LLC <br /> <br />JDA Action Requested: <br />Approve the Amendment No.1 to Preliminary Development Agreement with Alatus Arden Hills LLC
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