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provisions of this agreement include the following; <br /> a, Approximately 104 ,000 sq. ft. of land will be removed from 9' <br /> this agreement and is now included in the new agreement <br /> previously described. <br /> b. Total building square footage requirements have been <br /> reduced from 190, 000 sq, ft. to 148,000 sg, ft, <br /> C, The phasing of the development has been changed to reflect <br /> the development as it has occurred to date, as well as the <br /> anticipated order of development of the remainder of the <br /> property. The Part I property is now the former Great <br /> Dane site (formerly Part Three property) and the Part II <br /> and Part III properties are now the Ramsey and Lindig <br /> sites (formerly Part I and II properties) . <br /> d, The deadlines for completion of the development are now <br /> tied to the City's provision of a permanent regional storm <br /> water holding pond. The city must complete construction <br /> of this pond no later than November 1 of 1995, Failure to <br /> do this will constitute a default of the agreement, if <br /> the City - defaults, Ryan can walk away from the deal . If <br /> Ryan walks away from the deal , they can either give title <br /> of the land to the city or can reimburse the City any <br /> advances the city has made, less 60% of any unpaid <br /> developer equity over and above the amount the city has <br /> advanced to the project. <br /> ell The city will reimburse. Ryan for actual costs of temporary <br /> pond expansion, not to exceed $80, 000, <br /> f. The Twin Lakes Development Subdistrict has been expanded <br /> to include the Fruehauf site, the Midwest Motor Express <br /> site, the Dorso Trucking site and the Hyman Freightways <br /> site. Under the development agreement, this is the area <br /> where, before the city can agree to any tax increment <br /> subsidy to a developer other than Ryan, the City has to <br /> first offer a similar deal to . Ryan Companies. Ryan <br /> Companies them has - 20 business days to decide whether or <br /> not to pursue the development. <br /> Staff Recommendation <br /> 18 It is recommended that the city council authorize execution of <br /> the development agreement with 'Twin Lakes Medical Center <br /> Limited Partnership and the amended and restated development <br /> agreement with Ryan Twin Lakes Limited Partnership subject to <br /> final review by city staff and City legal staff, <br /> Council diction Re ested: <br /> 1. Motion to approve the attached resolution authorizing the Mayor <br /> and ' it y Manager to execute a development agreement with Twin <br />