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<br /> I <br /> I. CITY OF ARDEN fiLLS CD~i <br /> ~1S: ~ <br /> I MEMORANDUM ,\>&Llt <br /> I DATE: July3,1.995 ____n " -" ~Glo <br /> I TO: Mayor and City Council $ <br /> Brian Fritsinger,idminbtrat " <br /> - "FROM: <br /> I SUBJECT: Everest Development Agreement Negotiations <br /> I i " <br /> With the July 15, 1995 City imposed deadline fast approaching, Staffhas continued to work <br /> I with Everest on the preparation of a Development Agreement for the GBD. I wanted to <br /> briefly review several issues with the City Council prior to our next Meeting with Everest, <br /> Additional discussions will be held on July"5 with Everest, so the Council should expect <br /> I more detailed information from Staff at the Worksession Meeting. <br /> Some of the items for Council consideration are: <br /> I- I. Project timing' - Staff has attempted to place time-lines on this project and it is <br /> estimated that due to the size of the undertaking, Environment Impact Statement <br /> I requirements and potential condemation proceedings development will most likely <br /> occur no earlier than late 1997. <br /> I 2. Acouisition by Eminent Domain (Condemnation) - This area continues to be the <br /> most difficult to develop language which protects the City. The complexity of using <br /> I condenmation not only has the potential to extend the start of construction, it is the <br /> area most likely to increase the cost of the project. The developer has stated they will <br /> guarantee all condenmation rulings. Staff has suggested the developer be required <br /> I to have control of 75% of the parcels/square footage before condenmation <br /> proceedings begin and 150% of the appraised value be deposited with the City. <br /> , Exclusivitv- There are three (3) areas of exclusivity identified by Everest which have <br /> I ~. <br /> not yet been addressed as part of the negotiations: <br /> I -" .. ",. -A. Use ofTIF in City. <br /> - <br /> " <br /> ~.-", B. Development ofIndykavitz property. ..::. <br /> '. "", _u'.' ~'__ <br /> ~~;:-..~ ~ ; .N - <br /> . C. fievelqpment of Vaughn Towers property ~ '"~-'~~ <br /> 11 ," <br /> .- <br /> I <br />