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05-17-17 JDA Agenda Packet
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05-17-17 JDA Agenda Packet
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<br /> <br />Page 1 of 1 <br /> <br />Joint Development Authority <br /> TCAAP Redevelopment Project <br /> <br />DATE: May 12, 2017 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Administrators Olson and Joynes <br /> <br />SUBJECT: Master Developer Preliminary Development Agreement – Amendment No. 2 <br /> <br /> <br />Background: <br />The Preliminary Development Agreement (PDA) is a document that serves to outline the responsibilities <br />of the Joint Development Authority (JDA) and Alatus Arden Hills LLC during negotiations for a Master <br />Development Agreement (MDA). The JDA approved a Preliminary Development Agreement (PDA) with <br />Alatus Arden Hills LLC on June 6, 2016. The PDA was amended on December 21, 2016, extending the <br />agreement for five months (May 31, 2017) and included revised milestones dates. The current PDA is <br />set to expire May 31, 2017. <br /> <br />The proposed second amendment to the PDA continues to guarantee Alatus that the JDA will negotiate <br />only with them during this period, and revises a benchmark for delivering good faith efforts in the <br />development of a MDA. This proposed amendment identifies certain respective design and civil <br />engineering responsibilities prior to execution of a MDA by the JDA. <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.2 to Preliminary Development Agreement with Alatus Arden Hills LLC <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />AGENDA ITEM 8c <br /> <br />MEMORANDUM
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