pf_03232 - Laserfiche WebLink

Home

Roseville Twin Lakes Project Developers Selection The City contacted numerous developers to take the lead in redeveloping the area in accordance with the Twin Lakes Redevelopment Land Use Plan. Originally, Trammel Crow Company approached the City and began negotiations with City staff to develop the area. Unfortunately, that deal fell apart and the City began to try to identify additional potential developers. City staff contacted brokers, realtors, and also members ofNAIOP to try to identify two or three additional developers to carry out the Twin Lakes plan. Developers expressed reluctance to accept the risk of being the first into redevelop the area. Ryan Companies, however, stepped forward and the City was able to negotiate a development agreement with Ryan Companies. The agreement provided that the City would provide up front funds from its tax increment financing pool to assist in land acquisition, demolition, and clean up and Ryan Companies would in turn redevelop the sites and provide the City with shares of cash flow and proceeds from the sale of projects in the future to repay the City's initial investment. As part of the agreement, Ryan Companies has the right of first offer to develop all or a portion of the property in the Twin Lakes Development Subdistrict. The City shall provide a notice of the intent to pursue development of the property within the subdistrict and shall provide Ryan with the right of first offer to enter into a development agreement for the property. This would apply to any development within the Twin Lakes Area where 10% or more of the new development is proposed to be office, medical, showroom, warehouse, or other light industrial development. If the City receives an offer for development from any other developer, the City, before accepting that offer, must offer the same agreement for development of the same property at no less unfavorable terms and conditions than those contained in the agreement with another party. Ryan Companies then has 20 business days to accept the agreement. If Ryan fails to exercise its first right within 20 days, its rights are deemed waived and the City can pursue development with the other developer. The first offer rights in the agreement run until November 24,2003. If the City fails to notify the developer in writing 60 days prior to that date of expiration, then the expiration date is automatically extended to November 24, 2008.