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<br />~ <br />~~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: March 10, 2008 <br /> <br />TO: Mayor and City Council <br />Jim Willis, Interim City Administrator <br /> <br />FROM: Stacie Kvilvang, Project Manager <br /> <br />SUBJECT: Approval of Resolution No. 2008-02l, Approving Second Amendment to the <br />Preliminary Development Agreement with RRLD, LLC. <br /> <br />BACKGROUND <br /> <br />On March 30, 2007, the City and RRLD entered into a Preliminary Development Agreement <br />(PDA) outlining the terms and conditions related to the acquisition and redevelopment of a <br />portion of the TCAAP site. The term of the PDA was for one year and will expire on March 30, <br />2008. <br /> <br />DISCUSSION <br /> <br />It was anticipated that the City and RRLD would work towards a Master Development <br />Agreement (MDA) during this time frame and that the PDA would be terminated if a MDA was <br />approved, or extended if an MDA was not approved. Since April of 2007, the City and RRLD <br />have been working on various aspects of the project including master planning, infrastructure <br />planning, financial analysis, etc. Over the past eleven (II) months, these aspects have not <br />advanced to the level necessary to begin drafting terms of an MDA and therefore, an extension is <br />needed. <br /> <br />Currently, neither party is in default of the PDA and the original budget is still deemed adequate <br />at this time (original budget was $980,000 approximately halfhas been expended to date). <br /> <br />ACTION REQUESTED <br /> <br />Motion to Approve Resolution No. 2008-02] Approving Second Amendment to the Preliminary <br />Deve]opment Agreement with RRLD, LLC. <br /> <br />Attachment <br />