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COUNCIL MEMO FORM <br />1 Meeting Date <br />1 Agenda Section <br />1 Item Description <br />Submitted By <br />August 5, 2013 <br />1 <br />Ordinances and Resolutions 1 <br />RES/Approving a Development Agreement; Landmark of Anoka, LLC 1 <br />Erik Thorvig, Economic Development Manager <br />BACKGROUND INFORMATION: <br />1 <br />9.1 <br />A development agreement has been prepared for the Rum River Shores residential project. The development <br />agreement outlines various responsibilities of the developer and the City throughout the term of the project. <br />Drafts have been exchanged several times between the city and developer and the document attached is a <br />generally agreed upon document between the two parties. Attached is a general summary of the highlights of <br />the agreement. Generally there may be minor changes that occur prior to both parties signing. As is typical <br />with this type of document, the City Council will approve a resolution with the condition that the city attorney <br />has final approval. <br />Attached is a summary of the highlights of the agreement. <br />FINANCIAL IMPACT: <br />There are various financial commitments from the developer and city within the agreement. The attachment <br />also outlines those financial obligations from the City. In addition, this property has always been tax exempt. It <br />is anticipated that once the development is complete, the homes will bring in a total of approximately $100,000 <br />in annual taxes to the City. <br />COUNCIL REOUESTED ACTION: <br />Review the document, provide staff any direction for changes, and adopt the resolution approving the <br />development agreement with Landmark of Anoka, LLC. <br />