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2.0 SUMMARY OF CONTRACT REQUIREMENTS Section 7(b): 2.1 The following is a su�nmary of the key items to be completed by the Master Developer by March 14,2004 per the Contract, Section '7(b). '�'�ae Master Developer — Rottlund Homes — and their consultants will provide the Council with a summary of how they have met � these requirements as outlined under the Contract for Exclusive Negotiations (Attachment � D). These a�eements, followed by staff comment, appear below. I -E 1. Submit to the City a preliminary site plan for the Redevelopment showing � the size, nature and location of th�� proposed minimum improvements, � including parking, landscaping and other exterior improvements. _ Staff Comment: The Master Developer has completed Item 1 with their submission � _ of a land use plan as part af the Concept Land Use process for a Planned Unit � � Development of Phase I which was approved by the City Council on January 10, � .+ 2005. 2. Complete or finalize necessary feasibility, marketing and financial analyses, including the timing and phasing of the proposed Redevelopment, preliminary pro f4rmas and likely revenue sources for the initial phases. Staff Comment: i. The Master Developer has delivered to the City development consultant, Krass Monroe, a financialdevelo�merat pro farma (Attachment D.1) which outlinesthefinancialfeasibilityofPhasel. ThefinancialfeasibilityafPhase I includes the same, financial analysis that the City Council has reviewed over the last several months. �'he redevelopment costs continue to be land purchase, relocation, demolition, environmental clean up, and public infi�astructure. The gap strategies that were discussed and agreed upon b�r the City per Council menaber Dean Maschka's memo are reflected in the pro fOY'lYtLl. The additional information provides a summary of the private construction costs of the housing, retail, and office space and the anticipated resale values over a period of 5-7 years. This may be used to calculate the anticipated developer profit. Rottlund representatives will provide a summary of this information for Council feedbackand discussion. Krass Monroe has reviewed tlze Master Developer's pro formc� and, as summarized in the attached memorandum (AttachmentA) has concluded that the Project is ,financially feasible based on in.formation provided to it, independent analysis and the gap strategies approved by Council. ii. In addition, attached is the marketing analysis provided by Rottlundfrom GVA Marquette Advisors (Attachment D. 2) outlining tlze market feasibility of the proposedproject. Rottlund representatives willprovide a sumrnctry of �the marketing analysis for Council feedback and discussion. � t