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/ W <br />REQUEST FOR COUNCIL ACTION <br />DATE: 4-09-90 <br />ITEM NO.: <br />Department App oval: Manager Reviewed: Agenda Section: <br />Reports and <br />Recommendations <br />Item Descrip ion: Amendments to the Lexington Avenue Limited <br />Partnership (Can -American) and George Reiling <br />Development Agreement. <br />A modification to the development agreement :.-w:ith'the Lexington <br />Avenue Limited Partnership (Can -American) and George Reiling is <br />proposed which entails the following items: <br />1. The developer would be allowed to build a smaller retail <br />facility (14,500 sq. feet vs. the 20,000 sq. feet). Staff is <br />agreeable to this modification as long as the increment. <br />remains at the same level as proposed under the original <br />development agreement. <br />2. The agreement requires the venting and soil clean-up on the <br />retail site. Failure to do so would be considered an event <br />of default in which the City would be entitled to all the <br />remedies as it relates to a default in the original <br />agreement. <br />3. In order to expedite the soil correction in the area, the <br />modified agreement authorizes the City to pay the initial <br />costs for said activities and subsequently reduce the total <br />principal owed to Mr. Reiling accordingly. <br />A copy of the agreement is attached and a letter from Mary Ippel <br />recommending its approval is also included. <br />COUNCIL ACTION REQUESTED: <br />Motion to approve/deny amendments to the <br />Lexington Avenue Limited Partnership and <br />George Reiling (Can -American) Development <br />Agreement. <br />