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<br />. <br /> <br />. <br /> <br />. <br /> <br />,~ <br /> <br />", <br /> <br />D,f>-1"', <br /> <br />CRR AND CITY OF ARDEN HILLS <br /> <br />MAY 10,2004 WORK SESSION NOTES DRAFT <br /> <br />Revised June 10,2004 <br /> <br />1) How do the three partners relate to each other in terms of development profit <br />potential? Does more office development mean that Centex makes less or vice <br />versa? <br /> <br />c.B.: Rehbein is managing the excavation and environmental clean-up. <br />Centex will build homes; Ryau will build commercial projects. <br /> <br />S.R.: The partnership splits on the development profits from the land. <br />Example: A builder buys the land from the partnership, the sales profits are <br />split 1/3-1/3-1/3. <br /> <br />There arc two layers -land development, then product development. Thcy <br />make land available to the market after clean-up. <br /> <br />What is the relationship between tbe partners? Can the City have a copy of the <br />CRR Limited Partnership Agreement that is filed with the State of Delaware? <br /> <br />B.R: We can provide this document. (NOTE: It has since been provided to <br />the City.) <br /> <br />2) <br /> <br />Does more clean-up mean more business for Rehbein, and therefore more profit <br />on thc cleanup effort? If so, wby hasn't CRR done more characterization? <br /> <br />B.R.: eRR was under the assumption that the Army would do a good job on <br />characterization, which they haven't, Parallel studies have been done to the <br />extent that Tctra Tech was ou site with Plexus when the data was collected, <br />and then Tetra Tech did their own review of the data. <br /> <br />Note: Additional information on tbis topic is outlined in the letter from the <br />MPCA dated June 3, 2004 and attached for reference. <br /> <br />What characterization has CRR done personally? It was thought that there would <br />be parallel studies done with the Army. What changed? See above, <br /> <br />Update: CRR has offered to GSA to do additional characterization studies <br />this summer if GSA is willing to agree that the value of the work will be <br />considered in the land transfer negotiations. <br /> <br />CRR kecps saying they are waiting for infonnation from the Guard, the Army, <br />etc. Do we get information from CRR - or do they have no information? It was <br /> <br />\\Earth\Admin\City Administrator\TCAAP\5-1 0-04 Q&A Responses,doc <br />