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<br />> <br /> <br />CITY COUNCIL WORK SESSION <br />Topic Report: BROOKFIELD Development <br />Foreclosure and 21st Century Bank Proposal <br />to Amend the Development Agreements <br />By: Tim Rimmer, City Engineer <br /> <br /> <br />Background: <br /> <br />The BROOKFIELD development is currently going through the foreclosure process with 21 st Century <br />Bank.. The bank. is requesting amendments to the existing Development Agreements to reassign the <br />responsibilities and clear up all outstanding development items. They have prepared a settlement <br />proposal outlining the issues for City consideration. Staff has met with the bank. on several occasions, <br />and will likely be sitting down with them again prior to this meeting. It is our intention to present this <br />information to the City Council, and all ensuing negotiations,. for Council consideration and direction. <br /> <br />Action Statement: <br />Based upon discussion <br /> <br />Attachments: <br />21 st Century settlement proposal with staff responses <br /> <br />Reviewed by: <br /> <br />City Attorney <br />DirectorOfPubliCWor~~ <br />City Administrator ~ <br />/ <br /> <br />CCWS: <br /> <br />9/29/09 <br />