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ce V ' 9e1W Cana <br />515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />Email: cityhall @ci.little- canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: February 18, 2000 <br />RE: Assignment of DeLonais Option Agreement <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is the proposed Assignment of Exclusive Option Agreement between the City of Little <br />Canada and Town & Country Center, LLC (Bob Grootwassink and Mark Hotzler). This is being <br />done to fulfill the intent of our development agreement with them executed at the time of the <br />Market Place Shopping Center project. (Copy of development agreement is attached for your <br />review.) <br />We are also going to need to execute an amendment to that development agreement that will set <br />out some specific terms and conditions regarding performance by the developers if this <br />assignment is approved. Those terms and conditions we would want to address are as follows: <br />♦ Timely construction of new buildings on the property in compliance with our <br />redevelopment and architectural guidelines. <br />♦ Reversion of property to City if Developer does not meet performance standards on new <br />construction. (City would pay documented closing costs from initial transaction.) <br />♦ Dedication of the necessary street right -of -way from the portion of the DeLonais property <br />needed to complete Market Place Drive. <br />♦ Completion of the platting process for the Market Place Shopping Center as previously <br />discussed. <br />♦ Donation of property at southeast corner of Market Place Shopping Center to the City to <br />assist in future expansion of Garden Terrace. <br />Given the short timeframe we have had to complete some of these items, I will be finalizing the <br />development agreement and will have it available for Wednesday night's meeting. If you have <br />any comments or questions on that topic in the meantime, please let me know. <br />JRH:kpp <br />Page 122 <br />