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it is currently defined, contains approximately 108 acres, or approximately 60% of the total Twin Lakes Redevelopment Area. (Refer to Ryan Development Area Map). The City must provide a notice of the intent to pursue development of the property within the subdistrict and is required by its existing agreement with Ryan Companies to provide Ryan with the right of first offer to enter into a development agreement for the property. This applies to any development within the Twin Lakes Development Subdistrict where 10% or more of ` the new development is proposed to be office, medical, showroom or other light industrial development. If the City receives an offer for development from any other developer, the City, before accepting that offer, must offer the same agreement to Ryan Companies for development of the same property at no less favorable terms and conditions than those contained in the agreement with another party. Ryan Companies then has 20 business days to accept the agreement (if they have secured control or ownership of the property). If Ryan fails to exercise its first right within 20 days, its rights are deemed waived and the City can pursue development with the rather developer. The first o ff'er rights in the agreement run until November 24, 2003. If the City fails to notify the developer in writing 60 days prior to that date of expiration, then the expiration date is automatically extended to November 24, 2008. Actual development which has occurred to date includes the construction of a 48,000- square -foot office-flex building, a 74,500 s.f office -flex building, a 66,000 s.f medical office building, a 35,000 s.f office --flex building and a 105,000 s.f. office-flex building. It is estimated that these developments have generated over 1,150 jobs with an annual payroll of approximately $27 million and $850,000 in annual property taxes. In the future, and based on the new development to date, when the redevelopment of the Twin Fakes Redevelopment Area is complete, the trucking and outdoor storage gradually will be replaced by a more contemporary mix of high quality office, medical facilities, limited light industrial and off ice /showroom buildings, complementary commercial businesses and multiple housing with a focus on the natural environmental amenities adjacent to the area. The Twin Lakes Redevelopment Area renewal Strategy includes up to 3.0 million square feet of new or refurbished buildings. This additional square footage from the total 2.1 million outlined in the 1996 plan is due to the added parcels and proposal for multiple -level developments. The implementation is expected to be at market- driven rates with development beginning as early as 2002 until full development is reached around 2020. (Several parcels that lie within the project boundaries have already been redeveloped or- are being constructed, with all gover-nmentat decisions made or those projects) The project also includes the use of tax increment financing when available to aid in construction of the Twin Lakes Parkway, a two -lane road with landscaped medians, left and right turning lanes, and landscaped boulevards. Direct access from Twin Lakes Parkway to and from northbound I-35W will be provided. Through staging, this street Sri II connect to and provide right -in, right -out access to Snelling Avenue on the east side of the project area consistent with the original transportation plan of ` 1988. The Parkway is needed to provide proper access to interior parcels, to accommodate future traffic generated within the site, and to improve levels of `service and capacitor restraints on ex,istin 10 aj and regional roadways around the pro -ect area,, including County Road C, Cleveland Avenue and Fairview Avenue. 15