03-13-2002 Additions - Laserfiche WebLink

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PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT is made and entered into as of the 13th day of March, 2002, by and between the CITY OF LITTLE CANADA, MINNESOTA (the "City ") and SHERMAN ASSOCIATES, INC. ( "Redeveloper "). RECITALS A. The City desires to redevelop certain real property consisting of approximately 7.5 acres located in the vicinity of the intersection of Rice Street and Little Canada Road and depicted on Exhibit A attached hereto which is made up of parcels commonly known as the Venetian Inn, Cardinal and Rutzick properties (the "Southeast Property "). B. The City desires to redevelop certain real property consisting of approximately 2.10 acres of land also located in the vicinity of the intersection of Rice Street and Little Canada Road and depicted on Exhibit B attached hereto which is made up of parcels commonly known as the former Budget Power and Guerin properties (the "Northeast Property "). The Northeast Property and the Southeast Property are referred to in this Agreement collectively as the "Redevelopment Properties ". C. The City desires to redevelop certain real property adjacent to the Northeast Property currently occupied by U.S. Bank ( "U.S. Bank ") (the "U.S. Bank Site ") and an additional vacant parcel (the "Vacant Parcel ") both of which are depicted on Exhibit C attached hereto (collectively, the "Additional Parcels "). D. The purpose of this Agreement is to set forth the understanding between the City and the Redeveloper with respect to the Redevelopment Properties and the Additional Parcels. TERMS AND CONDITIONS NOW, THEREFORE, in consideration of the mutual undertakings herein expressed, the City and the Redeveloper agree as follows: 1. Redevelopment Projects. The redevelopment project to be constructed on the Southeast Property shall include (a) a residential rental building containing affordable and market rate units available to individuals who are 55 and older ( "Seniors "), at least 16,000 square feet of commercial /retail space, and an underground parking garage (the "Rental Housing Component "), and (b) "for sale" condominium style townhomes (the "For Sale Housing Component ") primarily targeted for sale to Seniors (the "Southeast Redevelopment Project "). The redevelopment project to be constructed on the Northeast Property shall include at least 30,000 square feet of commercial /retail /office space located in a building that is at least two stories (the "Northeast Redevelopment Project "). The Northeast Redevelopment Project and the Southeast Redevelopment Project are referred to in this Agreement collectively as the "Redevelopment Projects ".