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1 *01A it Ulm �!j Jj:anager Reviewed. <br />DATE: 11/10/97 <br />1Y <br />Reports and Recommendations <br />Item Description: Declaration of Completion of Mi�nimum Improvements a,ndi, <br />41 <br />Apportionment olf'olngoi�n�g Development Agreement obligations on <br />Building,, F of the Rosedale Corporate Plaza. <br />The City has been contacted by Everest Development Ltd., with a request, for City Council <br />I w 0 <br />approval of t,h�e, Declaration which a,ppoirtio,ns, a,ll ongoing obligations of the Development <br />I I <br />Agreement regarding Rosedale C,orplora,t�e Plaza Building F, <br />The proposed Declaration is, in lieu of a, partial as,siumptioln of the Development Agreement <br />obligations between Everes,t Development Lt�d. and a perspective new buyer. As such, the <br />Declaration will expedite a sialel of the property. <br />I <br />The proposed Declaration and related Instruments have been reviewed by Briggs, and <br />d <br />Morgan and are recomm�eind�eid for City Council approval. There are no c,h�anges, i i n the <br />Develolpime�n�t Agreement or ongoing obligations as a, result ofthis a,ctil�on per our attorney. <br />Motion to, apipirove the resiollutioln which authorizes the Mayor and City M�anager to, executill <br />the, attached Declaration with Evlereist Development Ltd. <br />