02-23-2005 Council Agenda - Laserfiche WebLink

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SUMMARY OF DEVELOPMENT AGREEMENT BETWEEN THE ECO1NOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA AND THE VILLAGE AT LITTLE CANADA LLC FOR THE DEVELOPMENT OF FIVE COMMERCIAL BUILDINGS This memorandum summarizes the principal "business" terms of the Development Agreement ( "Agreement ") between the Economic Development Authority of the City of Little Canada (the "EDA ") and The Village at Little Canada LLC (the "Developer "), draft dated July 17, 2003 (Document No. M1:996026v6) and the form of Purchase Agreement between the EDA and the Developer, draft dated July 18, 2003 (Document No M1:1012386v2). Development Agreement • Section 5.1 recites the EDA's obligation to convey the Development Property (Parcels 1- 5) to the Developer and the Developer's obligation to purchase the Development Property from the EDA subject to the terms of the Purchase Agreement for each Parcel. The principal "business" terms of the Purchase Agreement are summarized below. • Section 5.2 describes certain environmental remediation funds that are now held by the City pursuant to the Stipulated Settlement Agreement between the EDA and the Guerin Family Limited Partnership, a portion of which is expected to be used to clean up environmental concerns at the Development Property. • Section 5.3 allows the EDA to sell Parcel 5 to another developer at the EDA's election. • Section 6.3 obligates the Developer, subject to extensions as a result of unavoidable delays, to substantially complete the construction of certain commercial buildings as described below. All buildings must be constructed in accordance with the construction plans the EDA approves. Parcel 1. One building with at least 26,000 gross square feet of commercial space for office or retail use. Parcel 2. One building with at least 4,000 gross square feet of commercial space for restaurant or similar use. Parcel 3. One building with at least 7,800 gross square feet of commercial space for retail use. Parcel 4. One building with at least 7,000 gross square feet of commercial space for office use. Parcel 5. Two buildings with an aggregate of at least 15,000 gross square feet of commercial space for office use. The Parcel 1 building must be constructed on or before April 30, 2005 (with 50% complete by December 31, 2004). One of the buildings on Parcels 2, 3 or 4. at Developer's option, must be 551 Onv 2- - 6 -