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CC Work Session <br />Date: 12/14/2010 <br />By: Kurt Ulrich <br />Administrative Services <br />Item #: 2. 2. <br />Information <br />Title: <br />Review Flaherty and Collins Brier Creek Project <br />Background: <br />The City recently became aware of this news article regarding a second Flaherty and Collins project bankruptcy in <br />Raliegh, North Carolina, known as the exchange at Brier Creek. While every development project operates <br />somewhat independently, staff has reviewed this matter with the developer and Ehler's, the City's financial <br />consultant on the project. Attached is a letter from the developer and a review of the financial gurantees in place <br />for this project. <br />Recommendation: <br />It is recommend that the City review and discuss the information provided. <br />Funding Source: <br />Not Applicable. <br />Council Action: <br />Per discussion. <br />Brier Creek Project <br />ehlers review <br />article <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich (Originator) Kurt Ulrich 12/09/2010 07:08 PM <br />Form Started By: Kurt Ulrich Started On 12/09/2010 06:37 PM <br />Final Approval Date: 12/09/2010 <br />