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Agreement does indicate, per an Amendment, that if public financing is provided by the City or HRA to a project, payment to Landform is delayed to match financing terms. An earlier version of that Agreement between Landform and the HRA signed in 2010 provided removal for subsidies when calculating compensation. That language was removed in the most current Agreement, signed in 2011. Observations/Alternatives: Alternative 1: Accept and approve the attached compensation schedule for Casey's General Store and Route 1 for CommonBond. A release agreement will be requested to be signed by Landform stating no further payment will be sought, etc. (this was done for North Commons and was provided by Briggs and Morgan). Alternative 2: Accept and approve the attached compensation schedule for Casey's General Store and Route 2 for CommonBond. A release agreement will be requested to be signed by Landform stating no further payment will be sought, etc. (this was done for North Commons and was provided by Briggs and Morgan). Alternative 3: Continue negotiations on both projects. Note: Staff is recommending alternative 1. Staff is not recommending further negotiation which may lead to litigation, additional costs, etc. Funding Source: Land Sale Proceeds Recommendation: Staff is recommending a motion in favor of Alternative #1. Staff feels this alternative provides sufficient security by finalizing a range which will determine the final payment to Landform for the CommonBond project. Alternative #2 (Route 2 for CommonBond) provides payment to Landform now, which is okay; however, if the project does not come to fruition payment will have been made to Landform that cannot be recaptured ($29,852.81). If CommonBond moves forward and the HRA chose alternative #2, a potential savings of roughly $14,000 would be had if the range met the cap. If CommonBond moves forward and the HRA chose alternative #1, a potential loss of the same amount would be realized. If CommonBond doesn't move forward and alternative #2 is chosen, the HRA is at a loss of $29,000+. If CommonBond doesn't move forward and alternative #1, no loss is realized. Action: Motion to approve the attached compensation schedules that highlight payment amounts and timelines for the CommonBond (choose route 1 or 2) and Casey's General Store projects to Landform. This motion includes the need for, and authorization to sign, an agreement release to be signed by Landform and the HRA. Development Services Agreement CommonBond Casey's General Store Attachments Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 09/05/2014 03:43 PM Form Started By: Ted LaFrance Started On: 08/05/2014 02:00 PM Final Approval Date: 09/05/2014