03-13-2002 Council Agenda - Laserfiche WebLink

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Outline Points for Preliminary Development Agreement * The Southeast Redevelopment Property consists of ± 7.5 acres of land located in the vicinity of the intersection of Rice Street and Little Canada Road and is made up of the Venetian Inn, Cardinal, and Rutzick properties, together with all improvements and structures located on the land and easements and rights benefiting or appurtenant to the land. The exact dimensions and square footage of the property shall be determined by survey. The parties agree that the north 10 feet of property will be dedicated as additional right -of -way for Little Canada Road to allow completion of the streetscape planned for this area. The parties further agree that the Redevelopment Property may be enlarged to include other parcels at the mutual agreement of the parties. * The Northeast Redevelopment Property consists of ± 2.10 acres of land located in the vicinity of the intersection of Rice Street and Little Canada Road and is made up of the former Budget Power and Guerin properties, together with all improvements and structures located on the land and easements and rights benefiting or appurtenant to the land. * The Southeast Redevelopment Project shall include, but may not be limited to the development of affordable senior housing, market rate senior apartments, a commercial /retail component of not less than 16,000 square feet, and for -sale town homes primarily targeted at the 55+ age market. * The Northeast Redevelopment Project shall consist of a minimum of 30,000 square feet of commercial /retail /office space and be at least two stories in height. * Developer shall have exclusive right to work with the City to establish a final Development Agreement for the Southeast and Northeast Redevelopment sites. During the time contemplated by this agreement, the City will not provide or enter into an agreement for the provision of financial assistance to any third party acting as a Redeveloper in connection with any proposed development within the Redevelopment Property. * At the time of execution of this agreement, the Developer shall submit a cash deposit to the City in the amount of $20,000 ($10,000 for each site). This deposit shall be applied to the Costs incurred by the City related to all matters pertaining to the assembly of the site, redevelopment financing, environmental assessment, creation of necessary agreements to complete the projects contemplated herein. The Developer agrees that the deposit shall be used for reimbursing the City for fees and expenses paid by the City that are related to these Redevelopment Projects. Developer further acknowledges that City will retain consultants in several disciplines to assistance throughout the redevelopment process. * The City will acquire the Rutzick property to complete the acquisition of the Southeast Redevelopment site. The City agrees to have title to this site by no later than September 1, 2002. The City hereby certifies that it owns fee title to the remaining parcels making up the Southeast and Northeast Redevelopment sites. * To achieve the foregoing projects, it is anticipated that the final Development Agreement will contain provisions addressing a variety of forms of public financial assistance that may be necessary in order to accomplish the projects. The City hereby commits to a write -down of land costs in an amount to be determined based upon the projects contemplated with the 2