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iniloi R.EQUEST FO�R, COUNCIL ACTION DATE: 1-14--91 9 ITEM NO* 9 C Department Apps ival: Manager Reviewed: Agenda section: CI Hearings AW) Item Descripti7in: Author izat-I'lon to enter into a modified agreement with George Reiling, "ORMmopp I* a Is Plurs,u,ant to the existing development 'agreement on the Can�Am property, Reiling had until January 1, 1991 to ensure construction of siX. homes on, County Road C-2. It 0 0 214 Based, on, the fact that this has not occurred i ing is in Re* 1 a technical default, a 310 Staff has been involved in extensive negotiations wit Rei"Aing and, has reached a potential compromise whinc 0 entails the following. a. Re3e..11, ing ` s principal woluld be reduced by the amount of 0 increment that is, not avia illable f or the ensuing year which, would total 00 o IF,* Rei"l, ing wiould be, given a one year extension to complete the reiqu 'in red five homes. Another poss Imble extension would be bu ilt intio the agreement which would also have the tax i n,crieme,nt/pr 14nc ipal reduction provisions. c a T�he would ga,in a desired easement on Owasso. 'The vacated, street east of Lexington, which is owned by It 0 Reilingl, would be removed,. Alternatives: ii 6 Simply declare a default and, pay Re *11 ing nothingl 2,,o Increase, the, severity of the penalties in order to provide Re Oil lang the extension i. it, 9 Policy -L-e Ob ctivesi 1* This compromise essentially -underscores the City I s pract icil ]b 0 & of' aggressIviely enf ior,cing its development agreements.