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<br />" <br /> <br />~EQUEST FOR COUNCIL ACTION~ <br /> <br />DATE: 5/11/87 <br />ITEM NO.: e- / S- <br /> <br />\. <br /> <br />D~partmcnt APP1roval: <br />1 { I <br />! jVJ/ <'I <br /> <br />, <br /> <br />Manager RevIewed: <br /> <br />Agenda Sect:!.on: <br /> <br />:.\ <br /> <br />Reports and Rccommcndatlons <br /> <br />Item Descr1ption: A~thQr~7.atlon to cntc~ into modlf1cd agreement wlth <br />woodbtldgc. <br /> <br />Thc staff has been meetlng Slnce January to work out a method w.th <br />Woodbtldge to brIng Northwestern Natlonal Llfe lnto the proposed <br />development adJacent to 3Sw. N.W.N.L. has row approved the agreement. <br />(Scc attached letter.) Thc basIc clements of such an agreem~nt <br />have been reached WhlCh entall the followlng: <br /> <br />1. The C~ty w1ll subordlnate twenty-flve perccnt of ltS land versus <br />the requested onc hundred pcrGcnt. <br /> <br />2. Woodbrldge 1$ rcqulred tu prov:!.de the taxcs and cash for thc C~ty <br />to meet lts bond payments. Fa1lure to do so 1S an event of default. <br /> <br />3. Woodbr~dgc 1S requ1red to plan two years 1n advance to ensure that <br />the total cash and taxes are available through dcvelopmcnt 1f needed. <br />In effect, WoodbrIdge would be requ1red to construct a year and <br />one-half before the uctual taxes become payable. A fallure to do <br />so on the part of Woodbridge w?uld be an event of default. <br /> <br />4. The CIty agrees to a two year lndcmnlflc~tlon on the Garrett "hot <br />spot." It should be pOlnted out that all of the pestl.cldes have <br />been removed from the sl.te, and the Development Agrcemcnt provldes <br />a general indemniflcatlon for the total Site. <br /> <br />5. Even though the C~ty has agreed to allow Woodbrldge and NWNL to <br />construct the var10US phases In a flex~blc manner, the developer <br />is st1ll required to produce the 625,000 squale feet pursuant to <br />the prev~ously approved P.U.D. Fallurc to do $0 1S au event of <br />dcfat:lt. <br /> <br />6. The Cl.ty has jranted a one year delay ~n the schedule (last year's <br />constructlon) based on the Thompson condemnat1on. In addlt1on, <br />Roger Jensen 1S worKIng on condemnation of tltlc gaps. If thiS is <br />not cleared up or precludes flnanclng because of title, another <br />year chtcnsIon may have to be conSIdered if thl.s constructlon year <br />lS delayed. <br /> <br />The staff l.5 requesting Council authonty to entel !rlto said Agreement <br />pending f1nal consumatlon o~ the agreement betwcen woodbr1dge and <br />N.W.N.L. <br /> <br />COUNCIL ACTION REQUESTED: <br /> <br />Motlon approvIng, denYing Author~zat.0n to cnter lnto modl.fled agreement <br />wlth Woodbrldge. <br />