1991_0311_packet - Laserfiche WebLink

Home

REQUEST FOR COUNCIL ACTION DATE: 3- 11-91 ITEM NO.: 0 'YL Department Approval: Manager Reviewed: Agenda Section: I Hearings Item Descriptio Authorization to modify development agreement to reflect Rosepointe compromise. Background: 1. Staff has been working with Rosepointe regarding the modification of the existing development agreement. The current problem is based on the fact that an $11.6 million value is guaranteed and only $6_5 million in value was produced. 2. This can be deemed a technical default of the original development agreement. Thus, staff has been negotiating with the developer to provide a percentage of the increment that relates to the percentage of the actual development. 3. If this approach is deemed appropriate, this would result in paying Rosepointe $168.000 of the original $300.000 that was due to them, based on the fact that 65% of the total development was indeed produced. 4. Through discussions with the City Council at a previous work session-, Council required that the developer identify the items that are going to be carried out if the aforementioned percentage of increment would be forthcoming. 5. Based on that requirement, the Rosepointe representatives have proposed to accomplish the following: a. Replace existing 4 foot redwood fence with a 4 foot brick fence that would match the existing fence on Hamline Avenue. This fence would border the first two homes running west from Brooks. Along the rest of the property line, a mixture of landscaping would occur that would include increased shrubbery and the use of a number of existing fences. Rosepointe has informed staff that this item has been agreed to by the impacted neighbors, and a drawing will be available that depicts this proposal. b. Installation of ten benches along the existing pathway that encircles three sides of the new building. All 46 garage doors have been replaced.