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<br /> <br />470 US Bank Plaza <br />200 South Sixth Street <br />Minneapolis MN 55402 <br /> <br />& <br /> <br /> <br />(612) 337-9300 telephone <br />(612) 337-9310 fax <br />http://www.kennedy-graven.com <br /> <br />CHARTERED <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor Harpstead and City Council members <br /> <br />FROM: <br /> <br />Stephen Bubul <br /> <br />DATE: <br /> <br />February 7, 2007 <br /> <br />RE: <br /> <br />Preliminary Development Agreement <br /> <br />Following is a general summary of draft Preliminary Development Agreement ("PDA'.) <br />between the City and CRR, LLC (the "Developer"). As you review the PDA, please note <br />that it includes references to the Offer to Purchase between the City and GSA (the <br />"OTP"), To the extent you have questions about specific terms of the OTP, you may <br />want to bring those to City staff before the Council meeting. <br /> <br />Section I: Describes the general purpose of the agreement, which is to layout the <br />parties' respective roles during negotiation of a definitive Master Development <br />Agreement ("MDA"). <br /> <br />Section 2: Describes the general conditions that must be met in order to reach <br />agreement on the MDA. <br /> <br />Section 3: Describes the Developer's obligations during the term of the PDA. The <br />key milestones are: <br /> <br />. Submit site plans and development schedules within 90 days after request <br />from the City as part of the AUAR process. <br /> <br />. Submit project pro forma within 30 days after City and GSA reach agreement <br />on remediation credit under the OTP <br />. <br /> <br />. Submit market feasibility report within 30 days after draft AUAR IS <br />completed, <br />