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Last modified
6/25/2007 4:30:08 PM
Creation date
4/26/2007 2:50:43 PM
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04-30-07 TCAAP Work Session
General - Type
Agenda Item
Category
TCAAP Work Session Discussion
Date
4/30/2007
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<br /> <br />EHLERS <br /> <br />& ASSOCIATES INC <br /> <br /> To: <br />0 <br />~ From: <br />W Date: <br />~ Subject: <br /> <br />Michelle Wolfe - City Administrator <br />City Council <br /> <br />Stacie K vilvang & Sid Inman - Ehlers & Associates <br /> <br />April 25, 2007 <br /> <br /> <br />Development of Deal Points and Sample Term Sheets <br /> <br />On April 30, 2007 we will be meeting with the City Council in a work session to develop deal points <br />and discuss the use of a Term Sheet as a form to keep the City Council informed on salient terms/deal <br />points in the negotiations with RRLD. <br /> <br />Deal Points are a simplistic list of what the City would like to achieve from the negotiations/deal. It <br />can include what the City wants or doesn't want, community needs/priorities, list of potential areas of <br />disagreement, likely positions of the other side, common objectives or outcomes and identification of <br />issues that need to be resolved. These deal points are what we utilize to formalize the City's position as <br />we move forward in the negotiations. <br /> <br />A Term Sheet is list of terms that each side can use to articulate their desired outcomes. We typically <br />use them early in the process to assist us in determining agreed upon global terms of the transaction or <br />where there may be disagreement. We have found that Council members tend to like the format <br />because they are easy to read and understand and provide a mechanism to obtain concurrence on the <br />major business terms without overwhelming them with detail. The Term Sheet is then used as <br />framework for drafting of the Development Agreement. <br /> <br />Attached please find sample copies of term sheets from three (3) different projects as follows: <br /> <br />1. St Louis Park - Hoif!aards Redevelopment. Only one term sheet was developed for the project <br />and brought forward to the City's EDA (same make up as the City Council) for review and <br />approval before drafting the Development Agreement (fairly typical with smaller, less complicated <br />developments). <br /> <br />2. Mounds View - Medtronic Redevelopment. Many term sheets were brought forward and discussed <br />with the City Council. I have provided only three (3) of them. The first outlines some of the terms <br />from discussions midway through the negotiations, the second is a more detailed listing of deal <br />points when the City was approving the deal and the third outlines deal points when Medtronic <br />decided to expedite phase II and combine it with phase I and the City needed to amend the existing <br />Development Agreement. <br /> <br />3. St. Anthonv - Apache Plaza Redevelopment. Many term sheets were brought forward and <br />discussed with the City Council. I have provided two (2) of them. The fIrst one shows responses <br />to term sheet items presented by the developer and the second one is the term sheet brought before <br />the City Council to approve (used for drafting the final Development Agreement). <br /> <br />These are for the Council's information to give them an nnderstanding of the various forms a Term <br />Sheet can be in and what is included in them. <br /> <br />Please contact me at 651-697-8506 with any questions. <br /> <br />LEADERS IN PUBLIC FINANCE <br /> <br />3060CentrePofritE'-Drive~'-~~-- <br />Roseville, MN 55113.1105 <br /> <br />t <br /> <br />Phone: 651.697.8506 Fax: 651'697.8555 <br />skvilvang@ehlers.inc.com <br />
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