03-13-2002 Council Agenda - Laserfiche WebLink

Home Browse Search

3. Developer's financing plan for each project. 4. Environmental assessments, wetland delineation (if any), property surveys, and other reports or studies including resolution of issues identified as a result of these studies. 5. Provisions for affordable senior housing in the aparti lent component of the project. (Anticipated being 40% of the units at 60% percent of median income.) 6. Governmental approvals and permits. 7. Landscaping, public infrastructure and improvements, and erosion control. 8. Recovery/imposition of City costs and fees. 9. Provisions of sureties. 10. Terms of default and remedies for same. * Except as herein provided, this agreement will terminate in six (6) months from the date hereof. The parties may extend the term by mutual agreement. If Developer fails to perform defined tasks by designated target dates and has not received the approval of the City, then Developer shall be deemed in breach of this agreement. The remedy to the City shall be to teu.uinate this agreement upon ten (10) days written notice. Any monies deposited by the Developer shall be forfeited. In addition, the Developer shall be responsible for any costs incurred by the City that are associated with this project and that are not fully reimbursed from deposit funds. (Termination language needs to be very limited. We need this project to go forward. Therefore, specific acts that would allow Developer to terminate will need to be defined rather than an easy out. Those items should be limited to major environmental deficiencies, City approval of building plans, HUD financing for senior apartment) * The Developer understands that many of the actions which the City may be called upon to take require its reasonable discretion, and in some instances, its legislative judgment. Such actions may only be made following established procedures, and the City cannot agree, in advance, to any specific decision in such matters. * All communications shall be directed to the Developer at: George Sherman Sherman Associates, Inc. 1525 South Fourth Street, #200 Minneapolis, MN 55454 * All communications shall be directed to the City at: Joel Hanson City of Little Canada 515 East Little Canada Road Little Canada, MN 55117 * Upon execution of this agreement, Developer is making a binding guaranty to repay the City for its land assembly, demolition, legal, administrative, real estate taxes, and consultant's fees associated with the acquisition of the Southeast Redevelopment Parcel estimated to be $2,000,000 (± 200,000). The repayment terms shall be finalized in the final development agreement, but should result in approximately 50% of this amount being repaid at closing with the balance upon the completion of the "for- sale" townhome units. * Developer shall contact US Bank Corporation and attempt to incorporate them into the 4