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1987_0511_packet
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1987_0511_packet
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Department <br />Manager Reviewed. <br />i <br />DATE 5/11/87 <br />ITEM NO** <br />' - �, ti - <br />+# # # i #► # i f + = ent with <br />## idge. <br />The staf'f hasil bleen meeting since January to work out a method with <br />A 1i <br />Woodbridge to bring Northwestern National Life into the proposed <br />devellopment adjacent to 3,51W. NWN,,L,,, has now approved the agreement, <br />(See attached lietter.) The basic elements of such an agreement <br />have been, # which entail thell <br />subordinate 1.i The City will <br />the requested, one hundred percent. <br />2. Woodbridcre is required to providle the taxes and cash for the City <br />to, meet its, blond, playments, Failure to do so is an event of default. <br />it #o # # I d# i required o plan two advance ,, <br />the total icilasih and taxes are available through development if needed. <br />In effect, Woodbridge would bell requiurield to construct a year and <br />one-half before the actual taxes become payable. A failure to do <br />so on thell part of Woodbridge would, be an event of default, <br />4. The City agrees, to a two year indemnif ication on the Garrett "hot <br />slipoti.11 It should be pointed out that all of the pesticides have <br />been riem,oved from the site,, and the Development Agreement provides <br />a general indemni,fication for the total slote, <br />51 Even though the C ity has agreeld to allow Woodbridge and NWNL to <br />construct the varlaou,s phases + manner,, _ i i <br />is still required to produce the 625,000 square feet pursuant t <br />the "` Failure # an event <br />The City has i # one <br />based on Jr <br />Roger Jensen, is working on <br />not cleared up or, precludei <br />year extension, a+r to <br />isi delayed. <br />year delay in the schedule (last i <br />Thompson i o addition, <br /># <br />condemnation of title gaps. <br />g financing because of ti'Ltle, another <br />be consludieried year <br />The s,ta,f f is requesting Council authority to enter into said Agreement <br />III, , <br />COUNCIL ACTION REQUESTED: <br />Motion approlving/denying Authorization to enter into modified agreement <br />with Woodbridge, <br />
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