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<br />year, and whether that would that cause ripples. The third question was whether there is the <br />possibility of actually assembling only part of the property now, and part of it up to two years <br />later. This is likely related to the market slO\ving down and that it may take marc than one or <br />two years to build out. Mr. Lasher stated Ryan Construction still stands behind their ability to <br />finish this project. He was provided with a tour of their project in Richfield that included 45 <br />single family homes, and was similar to this project with a Target and a Home Depot. It was <br />indicated that Ryan Construction would get back to the City with a term sheet of whether this is <br />[undable for them. He would expect this to be received sooner, rather than later. <br /> <br />Mayor Gamec noted it would be necessary to review the effect on the fiscal impact of a new <br />development proposal. He asked \vhether the eminent domain action can remain on only some <br />of the properties and \vhat the City's liability would be with the eminent domain. <br /> <br />City Attorney Goodrich advised the City can eliminate any parcels or portions of parecls from <br />the eminent domain. There are certain repercussions to cutting a parcel in half, but the City can <br />cut the eminent domain back at any time. However, once they climinate a parcel from the <br />eminent domain the City will never be able to acquire the parcel for economic deveJopmcnt <br />again. <br /> <br />Councilmember Look requested information regarding the status of properties under contract <br />\vith ReM. <br /> <br />Mr. Lasher replied ReM had up to four sellers they were successful in signing purchase <br />agreement for. They then stopped that transaction because the City was going to take over the <br />acquisition stage. The City has no! started that acquisition process. It had been hoped that RCM <br />would submit preliminary plat in February. <br /> <br />City Attorney Goodrich indicated there arc 17 parcels with 16 property owners. There are 10 to <br />12 parcels with attorney representation that it is known are interested in selling; it is just a matter <br />of the price. At this point there has not been money to offer for the properties. There will be a <br />closed session scheduled to discuss the eminent domain actions and to discuss specific parcels <br />and issues. <br /> <br />Councilmember Olson inquired about the timetable. <br /> <br />City Attorney Goodrich replied a report from the commissioners regarding eminent domain is <br />required within 270 days from October 24lh, which would be July 24th:. To comply with that date <br />they will need to start sooner, rather than later. Reappraisals will be needed. Staff is reasonably <br />confident the parcels can be negotiated through a purchase agreement, but a deal would need to <br />be set before much can be accommodated with a purchase agreement. Purchase agreements <br />could be made contingent. <br /> <br />Council member Olson asked if there arc any extensions available. <br /> <br />City Council \Vork Session I.lanuary 3D, 2007 <br />Page 14 of 16 <br />