10/23/12 - Laserfiche WebLink

Home

HRA Regular Session Meeting Date: 10/23/2012 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Development Management Compensation Background: Pursuant to the development management agreement, attached for your consideration are development fee worksheets for the following deals: • McDonalds • SuperAmerica Armstrong • SuperAmerica Ramsey • Sunwood Retail - General Notification: 5. 2. Observations: Development fee worksheets are prepared based on initial pro -forma values and presented for approval by the HRA prior to compensation under the incentive based section of the contract. If these values change substantially over the completion of the project they are subject to review, modification, and approval at that time. The fee worksheets for McDonalds and SuperAmerica are based on current pro -forma values, as modified by the Department of Labor and Industry valuations, and maximum values established in the contract. The proposed fee worksheet for Sunwood Retail - General, is based on the efforts associated with the Sunwood Retail area as a whole, and is presented for your consideration as compensation for that overall effort. The development team will present the information in detail at the meeting. Recommendation: The development team requests consideration of the proposed compensation worksheets, and based on discussion reccomends approval of the proposed compensation outlined. The HRA Executive Director and Development manager will meet prior to the meeting to develop final recommmendations to be presented to the HRA. Funding Source: Proceeds of Land Sales - as outlined in the DM Contract Council Action: Approve the proposed development management compensation recommendations, and based upon discussion, direct staff to include the compensation in the upcoming closings. Attachments Fee Worksheet - McD