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REQUEST FOR COUNCIL ACTION <br /> Date: 1/26/2015 <br /> Item No.: 14.e <br />Department Approval City Manager Approval <br />Item Description: Dale Street Fire Station Site Redevelopment <br />B <br />ACKGROUND <br />1 <br />On January 12, 2015 the City Council received an update of the Dale Street Fire Station <br />2 <br />Redevelopment. Staff provided information that financing was still not secured for the <br />3 <br />development that Greater Metropolian Housing Corporation (GMHC) had proposed to develop. <br />4 <br />At the RHRA meeting of January 20, 2015, the Board considered official termination of the <br />5 <br />GMHC predevelopment agreement that expired June 30, 2014 in order for the HRA to solicit <br />6 <br />proposals for property owned by the RHRA located at 2325 Dale Street, 657, 661, 667, and 675 <br />7 <br />Cope Avenue using the past preliminary plat (now expired) as a basis for the development of the <br />8 <br />properties. The HRA’s action does not include the fire station at 2335 Dale Street. After further <br />9 <br />discussion with the developer and their lender representative at the meeting, the HRA took the <br />10 <br />following action. <br />11 <br />Motion: Member Majerus moved, seconded by Member Etten to approve continuation of <br />12 <br />negotiations and recommend to the City Council continuation of negotiations with the Greater <br />13 <br />Minnesota Housing Corporation (GMHC) until a final date of February 13, 2015, subject to <br />14 <br />approval by the Roseville City Council at their January 26, 2015 regular business meeting; with <br />15 <br />GMHC and Western Bank (lender) providing final financing decisions and satisfactory <br />16 <br />completion and submission to HRA staff under the terms previously outlined (page 2, Section 3, <br />17 <br />item f) in the expired Preliminary Development Agreement by February 13, 2015; and <br />18 <br />satisfactory completion and submission to HRA staff of terms by the GMHC as outlined (page 2, <br />19 <br />Section 3, items a through e), by February 9, 2015; with the understanding that if the City <br />20 <br />Council subsequently terminates negotiations, the HRA also ratifies the termination. <br />21 <br />The motion was approved unamouisly. <br />22 <br />The complex motion has several parts including: <br />23 <br />Acknowledgment that the predevelopment agreement has expired. <br />24 <br />25 <br />Provide GMHC additional time to secure a financing commitment (until February <br />26 <br />13, 2015) <br />27 <br />(Section 3f. text) Furnish satisfactory financial data to the Authority <br />o <br />28 <br />evidencing the Developer's ability to undertake the Development. <br />29 <br />30 <br />Page 1 of 3 <br /> <br />