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3. Everest\GBD <br /> Negotiations with Everest are accelerating and continuing at a <br /> rapid pace. The City Council extended the preliminary <br /> development agreement until February 16 to allow for the <br /> proforma financial statements to be thoroughly analyzed by <br /> staff. Staff anticipates sane direction being provided by the <br /> City Council this week as to its continued commitment to the <br /> project. <br /> 4. Arby's\Sbarro <br /> Staff has also met with representatives of Arby's who is <br /> interested in constructing a new Arby's\Sbarro food court on the <br /> vacant land located south of Shannon Square. There is also the <br /> potential for expanding Shannon Square. <br /> Arby's would like the City to consider utilizing TIF to assist <br /> the project. Staff is investigating the potential for <br /> realigning the entrance to the site and extending a road on the <br /> west side of the property to Grey Fox Road. <br /> Miscellaneous <br /> Staff has responded to at least six (6) other industrial type <br /> `,- businesses who have inquired as to available building sites in Arden <br /> Hills. <br /> BF\jt <br />