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MINi1TES <br />CITY COUNCIL <br />MARCII 8, 1995 <br />attracted and brought on a development team of the <br />Welsh Company to execute this development. Collyard <br />stated that in going forward, the City wants to refund <br />the $7,500 pointing out that The Venetian Development <br />Corporation relied upon the agreement to go forward <br />with the development. In conjunction with the <br />consulting firms to facilitate the comprehensive <br />development of Little Canada, the Welsh/Venetian team <br />wants to work with them. Collyard asked what raw <br />material the consultants would draw from other than <br />that of the Venetian Development Corporation's plan and <br />tenant mix. If the City goes forward with the <br />consultants, it will take 6 months to a year for the <br />report to be ready, and another 6 months for an RFP. <br />The City could end up with a developer that Collyard <br />has not networked with or talked to. The developer <br />could be someone completely new that would have to <br />start all over again. The project could be yet another <br />year off. or the developer could look at Collyard's <br />letters of intent and try to take someone from his <br />group. <br />Collyard indicated that he is trying to state that The <br />Venetian Development Group is here in good faith and <br />has been working with the City in good faith. Collyard <br />stated that they would like to try to shadow the <br />economics to the City in a better fashion. They did <br />have an offer to purchase in front of TCF from <br />investors that Collyard indicated he brought to the <br />table. This was done before the Market Place was for <br />sale and prior to the lawsuit. Collyard reported that <br />Stewart Chazin of Team Properties did write him a note <br />because of tenant concerns about the Gateway Project <br />and the impact on leasing and sale of the shopping <br />center. <br />Collyard reported that they would like to work with the <br />consultants with the market information they have, as <br />well as tenant mix and development team. Collyard <br />suggested that the consultants check out his <br />development team. The development team can execute <br />letters of intent. They can construct a project. The <br />project can be leased with Collyard's network. <br />Collyard felt that the Gateway Project was the best <br />development that could be put together. The project <br />has taken a long time. Collyard stated that he would <br />footnote that, but it has been a tough play. <br />15 <br />