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1993_1122_packet
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1993_1122_packet
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REQUEST FOR COUNCIL ACTION DATE: 11-22-93 <br /> ITEM NO* : <br /> Department Approval: Manager Reviewed: Agenda Section: <br /> Reports and <br /> Recommendations <br /> Item Description: Authorization to execute a development <br /> agreement - with Twin Lakes Medical Center <br /> Limited Partnership and an amended and restated <br /> agreement with Ryan Twin Lakes Limited <br /> Partnership. <br /> Background <br /> 11 Ryan companies is part of the Twin Lakes Medical Center Limited <br /> Partnership and is requesting approval of the development of a <br /> approimatel Sq. ft* three level,, medical clinic <br /> facility on the site at Fairview Avenue and County Road C. The <br /> medical clinic will be constructed on the site of the former <br /> Mack Hotel, Dart office building, and a portion of the Ramsey <br /> Engineering site. Major tenants will include Multi--Care <br /> Associates and Health Span, <br /> city Community Development and legal staff have been- working <br /> with a representatives of Ryan companies and have completed a <br /> draft development agreement, The major provisions of the <br /> -agreement include the following <br /> a t The City will provide $1, 1o0p000 to the developer from tax <br /> increment pool- funds f or land acquisition, demol ition, and <br /> other eligible site improvement costs. This will be in the <br /> form of $735, 000 out of pocket funds, a $312 , 000 credit <br /> for land from the Ramsey Engineering site, and $53 , 000 in <br /> the form of a fee waiver. <br /> b, The City will cover its investment iii a 10-12 year time <br /> frame. <br /> C, The city will not share in cash flow or sale proceeds, <br /> d, The city will work with N P to put utility limes <br /> underground* <br /> e. The Twin Lakes Medical Limited Partnership will agree to <br /> a minimum assessed value of $3 , 900, 000. <br /> 3 . The city Community Development staff and legal staff have been <br /> working with representatives of Ryan and have completed a draft <br /> amended and restated development agreement. The rajor <br />
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