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<br />, <br />I <br />I CITY OF ARDEN HILLS <br />~ MEMORANDUM <br /> DATE: July 21, 1997 <br />I TO: Mayor and City Council <br />I FROM: Kevin Ringwald, Community Development Director~ <br />I SUBJECT: Development Agreement (first draft), GBD Phase II, III, and IV <br /> Attached to this memorandum the City Council will find the first draft of Development <br />I Agreement between the City and Welsh Companies for Phases II, 1II, and IV of the Gateway <br /> Busincss District (Exhibit A). <br />I As with most development agreements it is attempting to define what the responsibilities of the <br /> City will be (Public Improvements), what the responsibilities of the Developer will be <br /> (Construction Improvements) and how those improvements will be paid for (Tax Increment, <br />I Mortgage Financing, and Assessment Agreement). <br />Ie The Staff is providing a copy of the first draft to the developer and the City Council, in hopes <br /> that, consensus can be reached so that the Development Agreement can be approved by the City <br /> Council at its August 11,1997 meeting. <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />.. <br />I <br />