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<br />e <br /> <br />. <br /> <br />. <br /> <br />~ <br /> <br />~ <br />EN HILLS <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: October 20, 2004 <br /> <br />TO: Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />FROM: Scott Clark, Community Development Director <br /> <br />SUBJECT: Interim Agreement Amendment <br /> <br />Proposal <br /> <br />Attached is the proposed "Interim Agreement Amendment No. I-Extension of Term" as <br />discussed at the Council meetings on October 12th and the 18th. The current TCAAP Agreement <br />between CRR, Inc. and the City expires on November 8, 2004 and since more time is needed to <br />resolve various issues, e,g. a City policy position on economic development assistance, a six <br />month extension was viewed as the best mechanism to continue the current development team <br />contractual relationship, A key premise of the Agreement is the City working on an economic <br />development assistance policy with an understanding that some type of policy position will be <br />arrived at before the Extension's termination date in May. <br /> <br />Extension of Term <br /> <br />Thc key components ofthe Extension of Term are as follows: <br /> <br />1) The Agreement runs for six months and terminates on May 9, 2005. <br /> <br />2) The City will dircct its Economic Development Commission to determine if the <br />development of the TCAAP site requires economic development assistance and how, if <br />given this assistance, would impact the City as a whole, <br /> <br />3) The Developer will contribute up to an additional $48,000 in escrows as prescribed in <br />Section 3,0 B. <br /> <br />4) Phase 3 Planning will be completed as part of the aforementioned escrow, <br />