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C. Creation of additional garden spots on the south side of( <br />the property as well as an extension of the water source <br />for installation of a new zoned sprinkler in the gully <br />area to the west of the walking path. This area would <br />be sodded. <br />Alternatives: <br />1. <br />The City could simply declare <br />an event of default <br />and thus, <br />not pay Rosepointe anything. <br />2. <br />The City could negotiate a <br />smaller payment to <br />Rosepointe <br />instead of the $168,000. <br />Policy <br />Objectives: <br />1. <br />The City has been inclined to "cure" and modify <br />potential <br />defaults with the developers, <br />as long as it is in the best <br />interests of the City. <br />Financial: <br />1. The original bond issue has allocated $300,000 to Rosepointe <br />as part of the original cash flow. Thus, all of the City's <br />financial analyses have assumed that the $300,000 would be <br />paid. <br />2. The City is running ahead of schedule in terms of its bond <br />payment, thus the fact that the additional development did <br />not occur, is not creating any financial problems for the <br />City. <br />Staff Recommendation: <br />1. It is the staffs recommendation that Rosepointe be paid the <br />$168,000, pursuant to completing the aforementioned <br />improvements. <br />Council Action Requested: <br />1. Motion to approve or deny the modification of the <br />development agreement to reflect the Rosepointe compromise. <br />