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MINUTES <br />CITY COUNCIL <br />OCTOBER 26, 1994 <br />expansion area, retail stores, and a 10-screen theater. <br />Collyard reported that all leases and business <br />agreements are contingent upon the development going <br />forward. <br />Collyard pointed out that reduction of property taxes <br />is a serious consideration for everyone, and it is his <br />opinion that this project would be a help in achieving <br />such a reduction. <br />Collyard reported that by April 22nd he plans to have <br />the project 750 leased, properties acquired, or <br />properties identified that the City must acquire. <br />November 20th is the date that the preliminary <br />development agreement will be submitted with disclosure <br />of investment group made at that time. The final <br />development agreement will address acquisition, <br />relocation, and schedules for relocation. Collyard <br />stated that he can predict with reasonable certainty <br />that on June 15 construction drawings will be completed <br />and four of the development pads will be at the <br />approval stage. These include the grocery store, <br />restaurant, bank, and mixed retail. There will be an <br />exclusive arrangement with the hotel and senior <br />cottages in the final stages at that time. Collyard <br />stated that he is continuing to promote a 10-screen <br />theater as a half-way point between Rosedale and <br />Maplewood Mall. <br />Collyard reported that he has asked other developers <br />why they have not stepped forward on this area in the <br />past, and learned that they see it as a touqh place to <br />develop. Collyard reported that he is currently <br />interviewing several general contractors who will be <br />able to build the project. Collyard stated that he is <br />putting his arms around a good tenant mix, looking at <br />relooation possibilities, and will work with the City <br />on market appraisals and relocation. Collyard stated <br />that he has accumulated a lot of data, but has given <br />the City as much data as he can at this time. <br />Collyard anticipated a start date of June of 1995 for <br />the project with a completion date of June of 1996. <br />Prior to that work on infrastructure, surveying, and <br />demolition will have to commence. <br />Collyard felt that the senior housing portion of the <br />project would be conducted in two phases. Collyard <br />15 <br />