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<br />John Herman <br />August 4, 2003 <br />Page 3 <br /> <br />II. General Development Timing and Phasing, City Land Sales, Municipal Liquor Store Sale <br />and Constructiou of New Liquor Store. <br /> <br />A. St. Marie Acquisition. The City has concerns that the amount being paid for the property <br />exceeds its value based upon the estimated cost to extinguish the Restrictive Covenants <br />and Cross Easement with the adjoining Cub Foods development. In addition, EWers is of <br />the opinion that this cost may not be up held by third party scrutiny. <br /> <br /> <br />B. Liquor Store and City Ponding Area. Sale by Cityl Acquisition by Redeveloper. The City <br />will agree to a payment of the appraised amount plus actual relocation expenses it needs to <br />pay to Tires Plus. It is estimated this cost would be approximately $1,700,000 <br />($1,550,000 plus $150,000). <br /> <br />Under bullet point #2, the City is willing to transfer the existing ponds under the following <br />conditions: <br /> <br />a. The City will deed the pond behind US Bank and in front of the Cub Foods to the <br />Redeveloper, since it is to be retained as a storm water pond. Since the Redeveloper <br />is developing the pond behind the Mini Mall into additional retail space, the City <br />will sell the land to the developer for its purchase price of the other commercial <br />property being purchased by the Redeveloper for $5.31 sq/ft. The site is 28,750 <br />sq/ft, therefore the City will request payment in the amount of $152,663. <br /> <br />C. Development Timing. Demolition of Apache Mall. No changes. <br /> <br />D. Development Timing. Commencement of Minimum Improvements. Following is the <br />development program proposed by the Development Team: <br /> <br /> <br />Commercial- 236,000 s 1ft <br />Mk Rate Rental (212) <br />For Sale, Phase IA - Flats (128 <br />For Sale, Phase IB - Flats (128) <br />Senior Coo erative <br />For Sale, Phase II - (44) <br /> <br />S rin 2004 <br />Fall 2004 <br />Fall 2004 <br />Fall 2005 <br />Fall 2004 <br />Summer 2005 <br /> <br />June 1, 2005 <br />Jul 1,2005 <br />July 1, 2005 <br />July 1, 2006 <br />July 1, 2006 <br />July 1, 2006 <br /> <br />As stated previously, the development program no longer shows the development of <br />Senior Rental Housing. Senior housing is a requirement of approval of any Development <br />Agreement and needs to be addressed to the satisfaction of the City Council. In addition, <br />the City and Ehlers needs clarification on ifthe Redeveloper is going to construct a Senior <br />Cooperative and how many units will be in it. The City and EWers also needs clarification <br />on the Phase II For Sale Housing of 44 units as to what type of housing it is and its price <br />point. <br /> <br />After the City and EWers is satisfied that the development program meets the goals of the <br />City Council, the City Attorney will provide language in the Development Agreement that <br />