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Department Manager Reviewed. i DATE 5/11/87 ITEM NO** ' - �, ti - +# # # i #► # i f + = ent with ## idge. The staf'f hasil bleen meeting since January to work out a method with A 1i Woodbridge to bring Northwestern National Life into the proposed devellopment adjacent to 3,51W. NWN,,L,,, has now approved the agreement, (See attached lietter.) The basic elements of such an agreement have been, # which entail thell subordinate 1.i The City will the requested, one hundred percent. 2. Woodbridcre is required to providle the taxes and cash for the City to, meet its, blond, playments, Failure to do so is an event of default. it #o # # I d# i required o plan two advance ,, the total icilasih and taxes are available through development if needed. In effect, Woodbridge would bell requiurield to construct a year and one-half before the actual taxes become payable. A failure to do so on thell part of Woodbridge would, be an event of default, 4. The City agrees, to a two year indemnif ication on the Garrett "hot slipoti.11 It should be pointed out that all of the pesticides have been riem,oved from the site,, and the Development Agreement provides a general indemni,fication for the total slote, 51 Even though the C ity has agreeld to allow Woodbridge and NWNL to construct the varlaou,s phases + manner,, _ i i is still required to produce the 625,000 square feet pursuant t the "` Failure # an event The City has i # one based on Jr Roger Jensen, is working on not cleared up or, precludei year extension, a+r to isi delayed. year delay in the schedule (last i Thompson i o addition, # condemnation of title gaps. g financing because of ti'Ltle, another be consludieried year The s,ta,f f is requesting Council authority to enter into said Agreement III, , COUNCIL ACTION REQUESTED: Motion approlving/denying Authorization to enter into modified agreement with Woodbridge,