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Department Approval: U�WIGB Item Describtion: � � REQUEST FOR COUNCIL APPROVAL DATE: 04/25/OS ITEM �i0: 7. Agenda Section: Accept the �i'� eni �l� ��t [ ar� Authorize the preparation of a Redevelopment Contract for the Twin Lakes Phase I Plan prepared bv Rottlund Companies (PF3S95 Contract). Requested Council Action: Per motion, Council will be asked to accept the terms outlined in the term sheet presented by staff and Krass Monroe on April �4��' with suggested Council modifications. L.' Per motion, Council will be asked to authorize the preparation of a Redevelopment Contract with Rottlund Companies for the Twin Lakes Phase I development plan per the authorization provided in the Council Resolution No. 10285 approved on March 14, 2005. +,� BACKGROUND: �� 1 On December 8,2003 the City Council chose the "Master Developer" concept for Twin Lakes Redevelopment and established a Stakeholders Panel process to work with the selected Master Developer on a refinement of the master concepts. �,� On March 29,2004, the Council approved a resolution designating Rottlund as the Master Developer of Twin Lakes and approving a Contract for Exclusive Negotiations with Rottlund (the "Contract")which was scheduled to expire on March 31,2005. ?.:} On September 27. 2004, the Council approved a resolution authorizing the continuation of the Contract based upon Rottlund successfully achieving the requirements under the Contract Section 7 (a). �. � On November 8,2004, the Council approved the extension of deadlines relating to the Contract due to the delay in making a concept land use decision as a result of the notification regarding the petition from the Friends of Twin Lakes. The deadline extension was for 60 days after the City ruled on the concept land use plan. �. � On Januarv 10,2004, the Council approved the concept land use plan as proposed by the Master Developer and amended by the Planning Commission and City Council. Therefore, the Contract deadline for contract items under Section 7b became March 14, 2005 and for items under Section 9 becomes June 13 to June 20,2005. �.�r On March 14,2005, the Council adopted a resolution, determining the adequacy of Rottlund Homes' submissions to complete Section 7b requirements within the Contract for Exclusive Negotiations.