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<br /> . <br /> 'Tn 0 <br /> Memorandum, Planning Case #97-06, Welsh Development Company, Progress Update . <br /> Page Four -. <br /> October 9,1997 <br /> Closing Date . <br /> The developer has requested that the closing date be moved to October 31, 1997. While this <br /> makes sense based on the large number of outstanding items, the request to start construction <br /> prior to closing does not. The City should evaluate the risks of beginning work or issuing bonds I <br /> prior to the closing date. The attorneys are looking at methods to reduce the risk to the City, <br /> should the Council support beginning construction prior to the closing date. <br /> Park Dedication I <br /> Enclosed is Cindy's memo to the Council on the park dedication. <br /> Minnesota Commercial Railroad . <br /> The City has been unable to obtain right of entry or slope easements from the railroad. In <br /> addition to obtaining these easements, the City needs to resolve the problem of the railroad . <br /> tenant's dock being constructed outside of the rail line right-of-way. Staff is meeting with the <br /> railroad on Monday to discuss this item further. Attorney Filla was provided with the legal . <br /> descriptions on October 9, 1997 in order to draft the easements. <br /> Tax Increment Financing .. <br /> Enclosed is Kevin's memo to the City Council on Welsh's last minute request for $250,000 in <br /> additional assistance. This is consistent with City COlmcil direction on the use ofTIF in the <br /> GBD. However, staff has met with the developer who has agreed to allow the City to review all . <br /> of the company's pro forma financial statements related to the project. Additional meetings will <br /> be held on Monday and Tuesday with the developer to further analyze these financial statements. <br /> The developer is arguing that any developer considering the development of the GBD will incur I <br /> the same soil correction problem, and that the City should consider assisting with the correction <br /> in order to make any project feasible. Additional information will be made available on Tuesday <br /> night. . <br /> Conclusion <br /> There are a number of outstanding items which impact the start of the project on October 15, . <br /> 1997. Staff continues to work with all of the involved parties, and hopes to have some of these <br /> items resolved prior to the meeting on October 14, 1997. . <br /> BF/sls . <br /> . <br /> .. <br /> . <br /> ----.- ------ <br />