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HRA Regular Session Meeting Date: 10/09/2012 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Approve Development Agreement - COR TWO 5. 3. Background: The five acre area created as part of the realignment of Sunwood Drive has been commonly referred to as the Sunwood Retail Area. This developable land has been included in the plat of COR TWO, which consists of all property west of Zeolite including the existing Northstar Marketplace and the remaining area north of the realigned Sunwood Drive. As part of the normal development process, the HRA as developer of the overall project, is required to enter into a development agreement with the city of Ramsey, for items related to the project. Notification: Observations: Some of the items in this agreement include: • The construction of common improvements for the project • Establishing development fees for the five lots in the plat • Establishing sureties for the Phase I improvements Recommendation: The development team recommends the approval of the development agreement. The development team recommends the HRA consider the funding of the improvements related to Northstar Marketplace and provide direction to either include in the costs of the project, or request the city council include this cost in the Sunwood Drive project. Funding Source: Funding of the HRA obligations under this agreement is from three sources: Obligations related to Lots 4 and 5 will be pre -paid from proceeds of initial lot sales, and reimbursed by the eventual owners of those lots. Obligations related to Lot 3 will be paid by the buyer of that parcel, at the closing on that lot. Obligations related to re-establishing the connection from Northstar Marketplace to Sunwood and providing additional parking as part of the agreement with Sophia Ramsey would normally be funded as part of the roadway project. HRA should consider whether this work should be funded as part of their project and paid from proceeds of land sales. Council Action: Approve the Development Agreement related to the plat of COR TWO.