Agenda - Council - 03/28/1995 - Laserfiche WebLink

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For:Pro forma purposes, we run project costs currently at ten percent (two points over prime). The tax increment district will recover all project costs within the 2012 time frame given full value for taxes paid in 1997 for Trend and I998 for the other two projects. Th~development agreements for these three projects (Trend has two; one for the developer; on,for the owner) are all in excess of 40 pages. We utilize a standard format which will vary somewhat with each agreement. Any changes in language are passed by our de~lopment attorney Steve Bubul of Holmes and Graven. Given the above, we have attached pertinent pages of each agreement (generally the development permit section). As you know, the other sections deal with indemnity, construction documents, and the like. The entire agreements are available at your request. As:has been the practice with the past several agreements (Wendell's, Detail Tool, Ramsey BuSiness Park, Anoka Ramsey Sports, HealthQuest Athletic Club) we are asking for CoUncil approval prior to gaining a signature from the developer. All four agreements are cofitingent upon mutual attorney review. Any change beyond semantics would be brought baqk to Council (as has occurred once). COuncil Action: Motion to authorize acquisition of the S.J. Groves property (Attorney Goodrich to conduct the closing). MOtion to authorize the development agreement with: ;. a) Carbon Product Technology b). Riverside Development c) Trend Scientific (b and c are for the same project) d) Command Corporation MOtion to Adopt Resolution apProving contract documents and specifications and ordering advertisement for bids for Improvement Project ~95-11 (Construction of Uranium Street N,W. and McKinley Street N.W. and the extension of sanitary sewer and municipal water services. % Reviewed by: City Administrator Economic Development Coordinator ~=nance Officer City Attorney 5 CC: 03/28/95 ?jmt I I I I I I I I I I: I I I' I I i I I I