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claw -backs should exist? Staff wants to avoid this item being an afterthought by a developer, and come up at <br />the end of the negotiation process --then the developer feeling upset the city is not being reasonable. Staff <br />thinks the City's expectations should be set upfront. Staff would also ask for direction to develop a <br />recommendation on this item. <br />(7) Get the Deal on Paper <br />Staff would suggest the Council provide general direction to negotiate a 'draft version' of a formal purchase <br />agreement. Depending on where we settle, this too will effect staffs recommendation on this project. At this <br />point, Rum River Hills is informally offering about 30K per usable acre, and about $7,500 per acre for <br />non -buildable land. From a very preliminary perspective, this seems like a reasonable deal for the city, based <br />on the land transaction only. However, until we review an actual agreement, we are only speculating. The PA <br />would also cover other important items (proposed cost -share agreements, performance requirements, <br />infrastructure improvements, etc.). A draft PA will help everyone involved with this project better track, <br />within one document, what the deal looks like. <br />Action: <br />Provide recommendations for the City Council: <br />1. What do you think of the project? What are your thoughts? <br />2. Should the Council/ staff continue to pursue? <br />3. Do you support staffs recommendations/ do you have changes? <br />Attachments <br />Background Info and Maps <br />Proposal <br />Process <br />FAQs <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 12/07/2017 11:16 AM <br />Form Started By: Patrick Brama Started On: 11/16/2017 04:44 PM <br />Final Approval Date: 12/07/2017 <br />