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9a. Attachment B c.GMHC will demonstrate a financial commitment from a lender for development 77 of the entire site in a form that is acceptable to the City Attorney, City Staff and 78 outside financial advisors within 30 days of entering into the PDA. 79 d.GMHC will submit complete preliminary and final plat applications within 60 80 days of entering into the PDA. 81 e.GMHC will close on the property within 30 days of receipt of the approval for the 82 final plat and no later than 120 days from the date it entered into the PDA. 83 3.Immediately after the PDA is signed, City Staff and the 84 City Attorney will begin negotiating the DA. It is anticipated that it will be ready for 85 approval no later than the City Council meeting where the Final Plat is approved. 86 4.Drafts of the RHRA purchase agreements have 87 already begun to circulate amongst the City and and HRA staff, subject to the insertion of 88 the terms that the City Council will be considering as part of this action. If the City 89 Council is able to provide direction related to the key deal terms as part of this action, it 90 is anticipated that a draft purchase agreement will be ready for the RHRA to consider at 91 its March 31, 2015 meeting. 92 93 The redevelopment of this site satisfies many of the City’s policy objectives related to 94 elimination of blight and promoting the redevelopment of a wide range of housing options. 95 96 In the short term, there will continue to be costs associated with preparing legal documents, 97 financial analysis and maintenance of the property which will now shift to the City budget where 98 it is an unbudgeted activity. Over the long term, if the project is successful, the City should be 99 reimbursed for these expenditures by a combination of payment from TIF districts and additional 100 developer escrow from GMHC. 101 102 Staff recommends the Council offer the motions outlined in the requested actions below and 103 approve each of them. 104 105 1.Motion to direct staff to negotiate a predevelopment agreement with Greater 106 Metropolitan Housing Corporation as outlined in this RCA. (open session) 107 2.Motion to direct staff to begin to negotiate a development agreement with Greater 108 Metropolitan Housing Corporation. (open session) 109 3.Motion to present an offer to the RHRA for the RHRA owned land in the Dale Street 110 project including provisions to eliminate all RHRA liability related to the transaction. 111 (after meeting in closed session) 112 113 Prepared by: Paul Bilotta, Community Development Director Attachments: A: RHRA Special Meeting DRAFT Minutes 2.27.15 Page 3 of 3