12-19-2007 Council Agenda - Laserfiche WebLink

Home Browse Search

VL l-/GLnL yki 515 Little Canada Roacl, Little Canada, MN 55117 -1600 (651) 766 -4029 / FAX: (651) 766 -4048 www.d.little-canada.mn.us MEMORANDUM I✓1ilYOR l3lesener COUNCIL Rick Montour Barbara Allan John Keis Vli h el McGraw ADMINISTRATOR Joel R. Hanson TO: Mayor Blesener and Members of the City Council FROM: Joel Hanson, City Administrator DATE: December 14, 2007 RE: Midwest Gymnastics Development Agreement — Former Knox Building Attached is the proposed development agreement between Jess Graba of Midwest Gymnastics and the City for the redevelopment of the Knox building. The key factors are as follows: • A bank commitment for the $1,500,000 in construction funding is difficult to obtain at this point in time. Rather, we have a letter from the bank indicating an "interest" in providing that funding once more specific terms and conditions are known. • We did require a $25,000 Letter of Credit to guarantee compliance with the Development Agreement. Essentially, if any term of the agreement is violated, we provide them with 30 days notice to cure. If they don't, they forfeit the money. • Exterior improvements are to be in a manner consistent with what is depicted in their rendering (Exhibit B) and pursuant to the Estimate of Costs in Exhibit C. • Other deferred maintenance improvements that were discussed at the last Council meeting need to be done by July 1, 2008. • A master signage plan will need to be submitted and approved for the entire building. (This is a CUP process.) • Future tenants will need PUD approval. • The exterior building improvements are triggered by the lease /sale of at least 11,000 square feet of space in the part of the building not occupied by Midwest Gymnastics. The City Attorney has review the document. The Developer is also making his final reviews so changes may be made at Wednesday's meeting. cc: Bob Wagner 1