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REQUEST FOR COUNCIL DISCUSSION <br />DATE: 04/18/OS <br />ITEM NO: 5. <br />Department Approval: Agenda Section: <br />DPW/CB <br />Item Description: Discuss Draft Term Sheet relating to the Twin Lakes Contract for <br />Exclusive Negotiations with Rottlund Homes (PF3595), <br />COLJNCIL REQUEST: Council is in the process of completing a review, providing feed <br />back and direction to Twin Lakes Master Developer, Rottlund Homes. Discussion and <br />direction is sought regarding the attached term sheet items on April I 8' �'. On April ?�"', <br />2005 the Council will be asked to accept the terms outlined in the term sheet with Rottlund <br />which will be the basis for preparation of a Redevelopment Contract, and to set public <br />hearing dates for new district establishment. <br />1.0 BACKGROUND: <br />1.1 On December 8,2003 the City Council chose the "Master Developer" concept for Twin <br />Lakes Redevelopment and established a Stakeholders Panel process to work with the <br />selected Master Developer on a refinement of the master concepts. <br />1.2 On March 29,2004, the Council approved a resolution designating Rottlund as the <br />Master Developer of Twin Lakes and approving a Contract for Exclusive Negotiations <br />with Rottlund (the "Contract") which was scheduled to expire on March 31, 2005. <br />1.3 On September 27, 2004, the Council approved a resolution authorizing the continuation <br />of the Contract based upon Rottlund successfully achieving the requirements under the <br />Contract Section 7 (a). <br />1.4 On November 8.2004 the Council approved the extension of deadlines relating to the <br />Contract due to the delay in making a concept land use decision as a result of the <br />notification regarding the petition from the Friends of Twin Lakes. The deadline <br />extension was for 60 days after the City ruled on the concept land use plan. <br />1.5 On January 10,2004, the Council approved the concept land use plan as proposed by the <br />Master Developer and amended by the Planning Commission and City Council. <br />Therefore, the Contract deadline for contract items under Section 7b became March <br />14,2005 and for items under Section 9 becomes Jt�z�e 13 to June 20,2005. <br />1.6 On March 14, 2005, the Council adopted a resolution, determining the adequacy of <br />Rottlund Homes' submissions to complete Section 7b requirements within the Contract <br />for Exclusive Negotiations. <br />1.7 Staff, in consultation with the firm of Krass Monroe, have been negotiating specific <br />development and financing terms with Rottlund homes as part of the continued <br />requirements under the Exclusive Negotiation Contract. These terms, while not <br />