Laserfiche WebLink
but it is dependent on discussions with the Developer. Staff will provide a verbal update on the <br />status of these redlines at the work session. <br />Civic Site <br />At the City Council meeting on December 12, 2016, the Council approved an Option Agreement <br />with the TCAAP Master Developer that would allow the City to purchase the 1.6-acre Civic <br />zoned property on the TCAAP site. The property is located at the east end of the Town Center <br />south of the Main Street and adjacent to the Natural Resources Corridor. <br />The Option Agreement provided the City up to seven years to acquire the site with the timeframe <br />beginning once the JDA approves the Development Agreement (MDA) with the Developer. The <br />City's plans for the property must conform to the TCAAP Redevelopment Code (TRC) and be <br />approved by the Developer. The Option Agreement stated that once purchased, the City would <br />need to commence construction within one year after the closing. A copy of the partially <br />executed Option Agreement has been provided in Attachment C. This agreement was only <br />partially executed because the JDA has not finalized a Development Agreement for RCC. In <br />2018, the Developer provided the City with an MOU affirming their commitment to the terms of <br />the Option Agreement. Therefore, this agreement is referred to as an MOU in the 2022 Term <br />Sheet. <br />Below is what was stated in the 2022 term sheet between the City and Alatus: <br />At initial plat approval, Alatus will transfer to the City the City Center site previously <br />identified in the Memorandum of Understanding without any reversionary interest, but <br />with a restrictive covenant identifying the types of City uses allowed on the site; Should <br />the City have an approved use on the site then Alatus, at no cost to the City, will <br />construct the utility connections for the City Center Site and any associated underground <br />pedestrian and vehicular access to the adjacent building. Alatus and the City may pursue <br />a joint development agreement for that site and will evaluate the potential for using <br />additional qualified costs, under the Minnesota Tax Increment Act, within the Project <br />area to provide tax increment financing for those other qualified costs in an amount <br />equal to the cost of the portion of any structure, for which Alatus would develop at no <br />additional cost to the City. <br />Page 2 of 5 <br />