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<br />~ <br /> <br /> <br />~ <br />EN HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />March 7, 2007 <br /> <br />Agenda Item SA <br /> <br />TO: <br /> <br />Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />Karen Barton, Community Development Director#O <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Preliminary Development Agreement Review <br /> <br />Attached are the revised final draft to the Preliminary Development Agreement (PDA) between <br />the City and CRR, LLC for the purchase and redevelopment of the TCAAP property, <br />incorporating Council's comments from the February 26, 2007 Council work session, and a <br />proposed Amendment to the Funding and Guaranty agreement between the City and CRR, LLC. <br />Mr. Bubul of Kennedy and Graven will be present to review the documents with Council at the <br />meeting Monday night. <br /> <br />CRR, LLC has concerns with some of the language as drafted. Staff is working to resolve those <br />issues prior to the meeting on Monday. <br /> <br />Representatives from CRR, LLC will be present at the meeting on Monday. <br /> <br />City of Arden Hills <br />City Council Meeting <br />March 12, 2007 <br /> <br />l\Metro-inet.uslardenhillsIPlanning\Community Development\Council Agenda Items\Preliminary Development Agreement Review memo to <br />counciI03-12-07.doc <br /> <br />Page 1 of 1 <br />