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<br /> .. .. <br /> . CITY OF ARDm HILI.s <br /> MEM:>RANDtlM <br /> DATE: June 22, 1994 <br /> TO: Dorothy Person, City Administrator <br /> FRCM: Brian Fritsinger, C'rrr...",u.ty Planning Coordina~) <br /> SUBJECT : Everest Proposal <br /> Attached you will find a draft copy of a preliminary developrent <br /> agreement and proposal outline from Everest r::eveloprent. These <br /> documents are part of the proposed developrent of the Arden Hills <br /> Business Park, <br /> l. PrP.] iminarv ~vp.1or:t'1"1Pnt ~~nt. <br /> This doct.1rrent is the result of discussions with the developer to <br /> make a fonnal proposal to the City of Arden Hills. This <br /> agreement requires the developer to fonnalize the proposal and <br /> . assemble all the necessazy doct.1rrentation within the next 90 <br /> days. <br /> Upon receipt of this infonnation, the City shall then have an <br /> opport1IDity to review the proposal and rrake a detennination <br /> whether it desires to pr=eed to work with the developer or <br /> =nsider other options. <br /> The ongoing discussions with Everest have extended. into a very <br /> lengthy pericd of time, The intent of this agreement is to <br /> place sare time restriction on the developer and City to attempt <br /> to make scme progress on the discussions. <br /> 2. Outline of PrcJoosal <br /> TI1e outline proposal is not much different than the one staff <br /> briefly outlined in a merro sent to you on May 10, 1994. TI1e <br /> lxlttom line is that the developer is l=king for a combination <br /> of TIF bonding and pay-as-you-go. The crucial part of this <br /> proposal is two fold. <br /> l. ean the developer provide adequate security to the <br /> . City to reduce the risk associated with the issuance <br /> of public lxlnds? <br />