pf_01776 - Laserfiche WebLink

Home

REQUEST FOR COUNCIL ACTION DATE: 5/11/87 Department 4proval: Manager Reviewed: ITEM NO.: E— Agenda Section: Reports and Recommendations Item Description: Authorization to enter into modified agreement with Woodbridge. The staff has been meeting since January to work out a method with Woodbridge to bring Northwestern National Life into the proposed development adjacent to 35W. N.W.N.L. has now approved the agreement. (See attached letter.) The basic elements of such an agreement have been reached which entail the following: 1. The City will subordinate twenty-five percent of its land versus the requested one hundred percent. 2. Woodbridge is required to provide the taxes and cash for the City to meet its bond payments. Failure to do so is an event of default. 3. Woodbridge is required to plan two years in advance to ensure that the total cash and taxes are available through development if needed. In effect, Woodbridge would be required to construct a year and one-half before the actgal taxes become payable. A failure to do so on the part of Woodbridge would be an event of default. 4. The City agrees to a two year indemnification on the Garrett "hot Spot." It should be pointed out that all of the pesticides have been removed from the site, and the Development Agreement provides a general indemnification for the total site. 5. Even though the City has agreed to allow Woodbridge and NWNL to construct the various phases in a flexible manner, the developer is still required to produce the 625,000 square feet pursuant to the previously approved P.U.D. Failure to do so is an event of default. 6. The City has granted a one year delay in the schedule (last year's construction) based on the Thompson condemnation. In addition, Roger Jensen it working on condemnation of title gaps. If this is not cleared up or precludes financing because of title, another year extension may have to be considered if this construction year is delayed. The staff is requesting Council authority to enter into said Agreement pending final consumation of the agreement between Woodbridge and N.W.N.L. COUNCIL ACTION REQUESTED: Motion approving/denying Authorization to enter into modified agreement with Woodbridge.