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<br />REQUEST FOR COUNCIL ACTION <br /> <br />DATE: 5-29-90 <br />ITEM NO.: .(-3 <br /> <br />Department Approval: <br /> <br />~ <br /> <br />Manager Reviewed: <br /> <br />~~ <br /> <br />Agenda section: <br />Report and <br />Recommendation <br /> <br />Item Description: <br /> <br />Amendment to the development agreement between <br />the City of Roseville and Rosepointe Limited <br />Housing Partnership. <br /> <br />This item was originally before the City Council at its May 14, 1990 <br />meeting. The basic agreement related to the fact that the developer <br />was supposed to guarantee construction value at $11,600,000 and <br />subsequently produced a value in actuality of $6,522,000. Based on <br />this short fall, the staff withheld paYment of $300,000 in tax <br />increment until a modified agreement was negotiated. The <br />recommended agreement, as modified, would allow a paYment to <br />Rosepointe of $168,000 which is 56% of the total amount of increment <br />committed. Thus, based on the fact that the developers only created <br />56% of the value, they are only going to get 56% of the increment. <br /> <br />The City Council tabled this item to allow time to review the <br />original plan and actually visit the site. Concerns were brought <br />forth regarding the items that were to be completed under phase 2 of <br />the project including walkways, removal of the garages, etc. Staff <br />has asked the representative of the developer to be present at the <br />ci ty Council meeting to discuss these concerns. In order to <br />facilitate discussion, staff has included copies of the approved <br />plan, conditions of approval, and correspondence between the staff <br />and representatives of the owner. <br /> <br />COUNCIL ACTION REQUESTED: Motion to approve/deny amendment to the <br />development agreement between the City of <br />Roseville and Rosepointe Limited Housing <br />Partnership. <br />