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Interim Agreement Extension October 20, 2004 Page 2 of2 e 5) The Developer will provide build-out estimates to assist in determining potential ranges of assistance, 6) The key change from the original Agreement is Section 3.0 F. Under the new terms CRR, Inc, will recover all escrow amounts (except for the $ 50,000 paid for staff time) if the City brings in a new developer within a three year period of time. This total dollar figure is approximately $ 350,000, which includes the new $48,000 described in item "3". Under the old Agreement the termination of the Agreement, by simple expiration, would not trigger this type of reimbursement. From a City perspective, there has been a great deal of value from the actions taken to date including the planning process and a preliminary framework Plan, maintaining a slow but increasing public recognition that the TCAAP project is real and moving all ofthe decision makers closer to various negotiation points. The City could request that any new developer would have to pay an "entry fee" of $350,000 so the City would not have to absorb any reimbursement cost. Another policy consideration is whether the $350,000 would preclude another developer from bidding on a future request for proposal if the current extension terminates in May and is not extended in some fashion, This dollar amount represents less than two cents per square foot of cost based on the acquisition of 600 acres so the reimbursement should not be an issue, The key question for any new developer will be the assurance that the . project can happen. Recommendation Staff recommends approval ofthe Extension of Term as written. Without this Extension the existing Agreement will terminate on November 8, 2004 and the City will possibly have to 1) Restart the entire development process and 2) Any future costs to move this project along would have to be absorbed by the City, \ \Earth\Planning\M isc Files\ TCAAP\Agreement 2\extension2councilmcmo.doc .