Laserfiche WebLink
<br />)/(' <br /> <br />REQUEST FOR COUNCIL ACTION <br /> <br />DATE: 5-14-90 <br /> <br />ITEM NO.: F - I <br /> <br /> <br />Manager Reviewed: <br /> <br />~ <br /> <br />Agenda section: <br />Reports and <br />Recommendations <br /> <br />Item Desc <br /> <br />Amendment to the development agreement between <br />the City of Roseville and the Rosepointe <br />Housing Limited Partnership. <br /> <br />The City originally formulated a development agreement with the <br />Rosepointe Partnership setting forth various requirements with <br />respect to the Rosepointe senior housing project. The City <br />essentially committed a maximum of $300,000 in tax increment and the <br />developer subsequently guaranteed the construction of a two phased <br />project at a value of $11,600,000. Subsequently, the developer only <br />constructed the first phase of the project which has a value of <br />$6,522,000. Based on this particular fact, the City has withheld <br />payment of the $300,000 until a modified agreement was negotiated. <br />The new agreement allows a payment to Rosepointe of $168,000 which <br />is 56% of the total amount of increment committed. This is based on <br />the fact that the developers only created 56% of the value as <br />originally included in the first agreement. <br /> <br />Briggs and Morgan has assisted the staff in renegotiating this <br />agreement and recommends its approval and authorization for <br />signature. <br /> <br />COUNCIL ACTION REQUESTED: Motion to approve/deny amendment to the <br />development agreement between the City of <br />Roseville and the Rosepointe Housing <br />Limited Partnership. <br />