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05-16-05
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05-16-05
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1/12/2009 8:24:12 AM
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6/29/2005 4:10:00 PM
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<br />May 12, 2005 <br /> <br />TO: <br /> <br />The Honorable Mayor and Council <br /> <br />VI-1S <br /> <br />FROM: <br /> <br />John Grossman HRA Director <br /> <br />RE: <br /> <br />Amend the Preliminary Agreement with Sherman Assoc. <br /> <br />The Preliminary Master Agreement includes a provision that a <br />development contract for the initial phase (condominium) will be entered <br />into within 120 days - or May 2, 2005. The deadlines in the agreement <br />may be changed by mutual agreement of all parties. <br /> <br />It has taken the developer and the City longer to assemble the <br />information needed to negotiate a contract than anticipated. The <br />information needed included the estimated costs of public improvements <br />provided by the City. <br /> <br />The Council and HRA have been asked to approve the financial concepts <br />prepared by Ehlers as a basis for the development agreement. Council <br />gave concept approval on May 2 and the HRA will consider the same <br />action on May 12. <br /> <br />The first draft of the development agreement is now under review by the <br />developer and attorneys for the City and HRA. It is anticipated that the <br />document will be ready for Council and HRA consideration in June. The <br />proposed new date of July 18 (second council meeting in July) allows for <br />some unforeseen delays. <br /> <br />Requested action: <br /> <br />City Council agreement to amend Section 4 of the Master Preliminary <br />Development Agreement dated January 3,2005 to change the time frame <br />to enter a development contract from 120 days after the date of the <br />agreement to July 18, 2005. The HRA will be considering the same <br />action on May 12. A brief amendment will be written for signatures. <br />
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