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<br />IV. APPEARANCES/AWARDS <br /> <br />1. Terry Hannah, Ground Development <br /> <br />Terry Hannah of Ground Development at 7575 Golden Valley Road, Golden Valley <br />addressed Council to discuss some issues concerning the Developer's Agreement. <br /> <br />City Attorney Hoeft noted that the Developer's Agreement was not on the agenda for <br />approval at this meeting and said that Mr. Hannah and the principal of Ground <br />Development would like to make the Council aware of some issues Ground Development <br />would like Council to take under advisement. <br /> <br />Mr. Hannah noted that the Developer's Agreement covers only the first phase of <br />construction as there will be a Developer's Agreement for each phase. He then indicated <br />that Ground Development would prefer to be able to provide a bond for the private <br />improvements rather than the letter of credit as required by the City. He further <br />explained that a letter of credit limits Ground Development's ability to borrow and said <br />the Company would prefer to use the bond. <br /> <br />Mr. Hannah asked that, if the Council was set on requiring the letter of credit, the Council <br />consider reducing the retain age amount from 150% to 125%. <br /> <br />Mr. Hannah indicated that Ground Development is concerned, due to the late start on the <br />project, that it would not be able to complete the private improvements by December 31, <br />2002. He then asked that Council consider extending the date to July 30, 2003. <br /> <br />Mr. Hannah indicated that Ground Development would like Council to use the <br />$1,871,420 figure that was used in the waiver of rights and appeal previously signed by <br />the Company. <br /> <br />City Attorney Hoeft clarified that, at the last meeting, he had advised Council that it <br />could use the dollar figure from the waiver previously signed or another dollar figure if it <br />desired. He then indicated that he had been advised by the City Engineer that enough of <br />a contingency had been built into the number that both he and the City Engineer feel that <br />using the dollar figure from the waiver should be sufficient. He further clarified that the <br />Council could insert a higher dollar figure if it desired to do so. <br /> <br />Council Member Capra asked whether Mr. Hannah was asking Council to reduce the <br />dollar amount agreed to in the waiver. Mr. Hannah indicated that he would like Council <br />to use the dollar figure used in the waiver. <br /> <br />Council Member Broussard Vickers questioned what would happen if, during the other <br />phases of construction, the $1.8 million is exceeded. City Attorney Hoeft explained that <br />the dollar figure is for this Developer's Agreement only as there will be a separate <br />Developer's Agreement for each phase of construction. <br /> <br />Page 2 of 18 <br />