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