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<br /> . , . ... st~ . JII(~ t1j <br /> I <br /> JVi Ifu" tlN,t,1 <br /> t' CITY OF ARDEN HILLS · ~ r' ~Il; k>ojb <br /> . ' \'-1-v'IJ\ "epf;"J ~ <, <br /> MEmR1INDllM ".l ~" <br /> /( <br /> .JII'" / l- <br /> /o <br /> DATE: DecElllber 7, 1994 <'kIl S~,...r'\~ <br /> 1-1 \ ~"'" ( ~j.:---- ",J;; <br /> TO: ,1.1' ~ ~I 7 <br /> Mayor aDd City Council P ~p ",/ <br /> 0/~~ " <br /> FRCM: Brian Fritsinger, Ccmo.mity Planning Coordinator &=, /">' <br /> SUl30JECT : ElTerest Preliminary Developnent Agreement <br /> Attached the City Council will find the remainder of the documentation <br /> required under the Preliminary Developrent Agreement. MJre <br /> specifically you'll find the Profo:rma Financial Statements prepared by <br /> the developer. <br /> During the term of the agreement which expires Deceml::er 13, Everest <br /> was to have provided the following info:rmation. <br /> A. Identify all prqJerty to be acquired and provide the <br /> responses fran the prqJerty owners to the City. <br /> B. A proposed schedule of development. <br /> C. Preliminary site plan and design framew::>rk. <br /> . D. Project profo:rma financial statement. <br /> The applicant has requested an extension of 120 days to continue with <br /> its efforts while the overall redevelopment contract is prepared. The <br /> preliminary agreement was drafted for the purpose of placing sane <br /> controls on the developer to ensure the suJ::mittal of the items listed <br /> above. Staff is not in the position to negotiate or prepare a final <br /> development contract until it has an opportunity to review the items <br /> suJ::mitted. <br /> Under the terms of the agreement the City should now review this <br /> info:rmation and determine whether it desires to proceed to w::>rk with <br /> the developer to negotiate a contract relative to the proposed <br /> development. There is no action defined under the terms of the <br /> agreement required by the City COllilcil at the December 12, 1994 <br /> meeting. <br /> Staff will begin its review of the financial feasibility of this <br /> project and report back to the City Council of its findings in the <br /> near future. <br /> . BF\jt <br /> ~-- <br />