Laserfiche WebLink
of existing structures and improvements at the sole cost of the City. <br />For the sake of confidentiality, both offers will be reviewed with the Council in closed session. <br />Offer #1 <br />The first comes from NIK Management Group (management arm for Bridgeland Development INC). NIK <br />Management Group would act as the developer. NIK Management Group would enter into a LLC <br />Partnership with Rice Creek Building for this specific project. Rice Creek Building's web address is: <br />ricecreekbuildingandremodeling.com. NIK Management Group has completed several projects in Minnesota, <br />Wisconsin and the Dakotas. Attached is background information on NIK Management Group, and their <br />previous projects. <br />Offer #2 <br />The second offer comes from D.R. Horton. This company is a large, nationally recognized, quality, home <br />builder. D.R. Horton would act as both the developer and builder. Attached to this case is background <br />information on D.R. Horton. The following is a link to their website: www.drhorton.com. <br />The offer from D.R. Horton is unique --they are requesting that a portion of the deal include a land swap. The <br />City would receive about 4.86 acres of D.R. Horton owned land located within The COR in exchange for a <br />discount on the purchase of City owned property. <br />Observations/Alternatives: <br />Alternatives: <br />(1) Pursue one specific offer <br />If the Council feels comfortable with pursuing one specific offer, Staff will work with the desired prospect to <br />draft a preliminary purchase agreement for Council review. This agreement will include detailed terms, <br />conditions, etc. Staff will sit down with the prospect to further discuss land use regulations, development <br />layouts, City expectations, and project timelines (i.e. Fire Station #2). <br />(2) Do not pursue either offer <br />If the Council is not interested in pursuing either offer, Staff will notify both prospects and end negotiations. <br />(3) Request additional information before providing direction <br />As mentioned in the background section of this case, both of these offers are preliminary. The Council may <br />require additional information before providing direction (e.g. the Council may require a formal presentation <br />from both prospects). <br />Funding Source: <br />NA <br />Recommendation: <br />Staff and CBRE will provide a recommendation to the Council in closed session. <br />Action: <br />Example Case: No Action Requested <br />With the dissolution of the Ramsey HRA, the EDA will assume the role of facilitating the sale of all City -owned <br />land (beyond traditional ED projects, including traditional residential developments). For the EDA, the purpose of <br />this case is to orientate the EDA with this potential project. It is possible this project will be discussed by the EDA <br />in the future. <br />Provide staff preliminary direction to: <br />(1) Pursue one specific offer <br />(2) Do not pursue either offer <br />(3) Request additional information before providing direction <br />