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COMMUNITY PRIDE <br />1953 - 2003 <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766-4048 <br />wwwci.little- canada. mn.us <br />MAYOR <br />- Michael I. Fahey <br />COUNCIL <br />Jiro I1aValle <br />Matt Anderson <br />Rick Montour <br />Bill Blesener <br />ADAIIl \IlSTR,4TOR <br />Joel R. Hanson <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: February 21, 2003 <br />RE: Release of Development Agreement Obligations Relative to former Delonais Property <br />As you know, we closed on the former Delonais property last Friday. Two conditions of the title <br />commitment involved development agreements we had with the Market Place Shopping Center owners <br />that were recorded against this property. To eliminate those obligations for this property, I have drafted <br />the attached releases for the two development agreements in question. Given the fact that we now own <br />the property, none of the obligations created by either agreement has any further applicability. Therefore, <br />I would recommend approval of the releases as proposed, subject to any comments by the City Attorney. <br />It should be noted that one of the agreements involved the EDA so we will need to temporarily adjourn <br />and convene as the EDA to address that release. <br />H: \Jocln \Correspondence \Joel 2003 \Delonais Releases Memo- 2.21.03.doc <br />