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M INUT~S <br />CITY COUNCIL <br />APRTL 9, 1997 <br />concept plans are developed, the next step would be preparation of a <br />development agreement. At that point, the concept plans would be taken <br />to the market. <br />The Administrator indicated that once a developer is selected, the City <br />would still have die opportunity to withdraw if it is determined the <br />situation would not wa k. <br />"I'lie Administrator reported his recommendation as well as that of the <br />consultants is that Laurent Parks be selected as the developer. Both <br />developers have a lot of inerit; however, it was felt Laurent Parks would <br />give the City the best chance of ineeting the objectives of the <br />Development Guide. <br />Fifeld suggested perhaps the City had been mistakei~ in expecting a <br />concept plan would be submitted by each of the developers at this point in <br />the process. Fifield agreed with the recommendation to select a developer <br />at this point. Fifield further agreed that Laurent Parks would move the <br />City further toward the implementation of the Development Guide than <br />Wall Companies would. This doesn't mean the City would not get a~ood <br />product with Wall Companies, however. Fifield urged the City to keep <br />moving forward in the process. <br />Scalze asked what the next step would be once a developer is selected. <br />The Administrator reported that Laurent Parks indicated they would have <br />a site plan ready within three weeks. Asswnin~ approval of the site plan, <br />it would be another two Yo three weeks to finalize a development <br />agreement. With a development a~reement in hand, they would then <br />spend 90 days marketing the }~roject. At the conclusion of tl~at timeline, <br />the City would know whether we have a project or not. <br />Fahey noted that the developers do noC want to put a lot of money out at <br />this point if they are not the developer selected. Pahey felt Laurent Parks <br />was more visionary and is not locked into the idea that the Rice <br />Street/Little Canada Road area can only support mediocre development. <br />They are willing to reach out a little more and Iook at the possibility of <br />changing the ima~e of the area. <br />Pedersen asl<ed if a joint venture between the two developers was a <br />possibility. <br />The AdminisCrator indicated that both developers indicated that was a <br />possibility, but su~gested ajoint venture be left to Yhe developers to <br />2 <br />