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• <br />• <br />• <br />POLICY I6 <br />1/7/04 <br />ITEM: Consideration of the Amended and Restated Multifamily <br />Development Agreement <br />SUBMITTED BY: Heather Worthington, City Administrator <br />REVIEWED BY: Matthew Foli, Campbell Knutson <br />EXPLANATION: <br />Summary: This agreement combines the original Development Agreement and the first <br />amendment, both effective July 18, 2003, and a new paragraph 10.10 regarding the park <br />dedication fee into one document. The Amended and Restated format is easier for recording <br />purposes than a new second amendment to the original development agreement would be. This <br />document will be used when the developer of the SE Corner, Sherman Associates, closes on their <br />mortgage with HUD for the multi-family building sometime next month. <br />ATTACHMENT: <br />• Amended and Restated Multifamily Development Agreement <br />ACTION REQUESTED: <br />• Approval of the Amended and Restated Multifamily Development Agreement <br />'~ 1 <br />