2017-04-26 CC Packet - Laserfiche WebLink

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City of Centerville Council Meeting Minutes April 12, 2017 purchaser, has requested a ten (10) month extension for the feasibility and inspection period from them due to unforeseen timelines and engineering with the City of Minneapolis and redesigning of their proposed building on the Johnson's site. Mr. Hal Ulvestad, Rockland Advisors, thanked Council for the opportunity to present Ruffridge Johnson's request to reinstate the previous purchase agreement allowing a ten (10) month extension with the same terms and conditions as the previous agreement entailed due to Oppidan's request for extension. He stated that the Johnsons' still desire to complete the 1031 Exchange but desire to close on the Centerville site by January 31, 2018 allowing for the hiring of subcontractors and vendors to commence construction by April 4, 2018. He explained that Oppidan has requested to close on their site by January 31, 2018 also. Ms. Shannon Rusk, Vice President of Development and Brokerage Services for Oppidan thanked Council for the opportunity to speak before them and explain Oppidan's request to Ruffridge Johnson do to the City of Minneapolis' processes and procedures. Ms. Rusk stated that Oppidan is committed to working with Ruffridge Johnson and the City of Minneapolis and is confident that the project will continue to advance. Ms. Rusk stated that when the news of the purchase in Prospect Park hits national publications it is accepted by the City as a proposed project, however it may not have received all approvals and completed all processes. She explained the five levels of review required by the Planning and Zoning Commission of the City of Minneapolis and stated that the Preliminary Development Review (PDR) and Community Planning & Economic Development (CPED) would be taking place in May/June and include rezoning of the property. She also stated that then the Committee of the Whole (COW) would be considering the project in mid-May rezoning of the property would take place in May/June, Preliminary Development Review (PDR) (through the fall) and final permit and pricing shortly thereafter. Mr. Jon Pederson, Ruffridge Johnson, stated that everything in the terminated agreement would remain the same except the extension and his attorney would draft an amendment to the original purchase agreement or draft a new agreement. Council Member Love questioned Ms. Rusk as to when Oppidan was aware that they would be requesting an extension and Ms. Rusk stated two (2) months prior. He also questioned when that information was shared with Ruffridge Johnson and Ms. Rusk stated approximately 30 days prior. Mayor Paar stated that with such a tight timeframe he concerns for potential delays with Oppidan's processes with the City of Minneapolis. Ms. Rusk reassured Council that on two (2) occasions they have spoken with the City and are fairly confident that they will meet the above stated timeline and extension that they have arranged with Ruffridge Johnson. Council Member King questioned financing for Oppidan and she stated that they are funding the project along with $300,000 from DEED. Page 4 of 10 4