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<br /> ------- <br /> CITY OF l\RDEN HILLS .. <br /> MEMJRl\NDtlM <br /> DATE: December 20, 1994 <br /> TO: Mayor & City CCAmCil <br /> FRCM: Brian FritsiIlger, Ccmmmi.ty Pl=niT1(J Coordinator@) <br /> SUBJECI' : Everest DevelOflllS!rl.t Contract Extension <br /> The preliminary developrent agreerrent with Everest Developrent LTD <br /> expired on December 13, 1994. Prior to this date the developer <br /> provided to staff all of the documentation detailed in the conditions <br /> of the agreement. <br /> At this same time Everest also requested an extension of 120 days to <br /> continue negotiations on the terms of the full developrent agreement. <br /> Everest subsequently met with the City Council at its December 15th <br /> 1M:lrksession to update the City Council as to the status of the project - <br /> and the rationale for the extension request. <br /> RecClIllleOdation <br /> Staff would recarrrend that the agreement be extended. until February <br /> 16, 1994. <br /> The City Council should, however, direct the developer to work with <br /> staff on the refinement of the pro forrra financial statements. These <br /> statements are critical to the determination of the financial <br /> carmitment by the City of Arden Hills for this project. The developer <br /> should complete these at its earliest opportunity and sutmit the <br /> statements to the City Council for review no later than January 12, <br /> 1995. <br /> BF\jt <br /> '" <br /> - <br />