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• The City would extend the commencement date on the existing contract to September 1, 2016. <br />• The original completion date of February 2017 will remain the same. <br />• McDonald's will submit a developer's escrow account in the amount of $5,000 to be used to cover all staff <br />time and legal expenses incurred as a result of the contract amendment (any unused escrow monies will be <br />refunded to McDonalds. <br />• McDonald's will submit an additional surety of $5,000 cash that would be forfeited, in it's entirety, if the <br />project did not commence on or before September 1, 2016. <br />The City Council has the option to continue to negotiate the provisions of this proposed amendment. The City can <br />take specific action as outlined by the Attorney in regard to the re-entry provision, or wait until the completion <br />deadline to take action. <br />The proposed settlement proposal adheres to the original intent of the contract in regard to the completion date, <br />establishes a penalty if the amended commencement date is missed, and covers the City for it's cost of processing <br />the amendment. Staff supports this resolution. <br />Attached are relevant supporting documents. <br />Funding Source: <br />NA <br />Recommendation: <br />Staff supports the negotiated resolution as outlined above. <br />Action: <br />Motion to amend the Real Estate Contract Amendment between the City of Ramsey and McDonalds USA <br />LLC by: <br />1. Extending the commencement date on the existing contract to September 1, 2016. <br />2. Keeping the original completion date of February 2017, and all other contract language the same. <br />3. McDonald's will submit a developer's escrow account in the amount of $5,000 to be used to cover all staff <br />time and legal expenses incurred as a result of the contract amendment (any unused escrow monies will be <br />refunded to McDonalds), and <br />4. McDonald's will submit an additional surety of $5,000 cash that would be forfeited, in it's entirety, if the <br />project did not commence on or before September 1, 2016. <br />and to direct staff to execute the amended agreement subject to the review and approval of the City Attorney. <br />Attorney Memo <br />ALTERNATIVES 01062016 <br />Original PA 2012 <br />Amendment 1 <br />Amendment 2 <br />Amendment 3 <br />Quit Claim Deed <br />Restrictive Covenant <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 02/04/2016 04:10 PM <br />Kurt Ulrich Kurt Ulrich 02/04/2016 04:35 PM <br />Form Started By: Patrick Brama Started On: 01/29/2016 04:47 PM <br />