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MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />515 Little Canada Road, Little Canada, MN 55117 -1600 ADMINISTRATOR <br />(651) 484 -2177 / FAX: (651) 484 4538 Joel R. Hanson <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: December 30, 1999 <br />RE: Amendment to RJ Marco Development Agreement <br />With the soils correction issue that has arisen with the Good Year project, we need to amend our <br />development agreement with RJ Marco. Tom Bray of Briggs & Morgan is finalizing these <br />changes and they will be available for Wednesday's meeting. A summary of the changes is as <br />follows: <br />♦ A definition of land acquisition costs is expanded to deduct any sale proceeds generated <br />from a sale of the portion of the development property to another party (i.e., the potential <br />sale to Frank Frattalone of excess land adjacent to the pond. Please note that the <br />transaction is not yet final and may not even occur. As a result, the total acquisition cost <br />would be reimbursable from tax increment proceeds.). <br />♦ A change in the definition of reimbursable development costs to include soils correction <br />costs up to $95,000. (Estimate for this work is $125,000 with developer being <br />responsible for first $30,000.) <br />♦ Revision to section 2.2, paragraph E to indicate that environmental inspections have <br />already occurred. <br />♦ Revision to section 2.3, paragraph C extending the date from January 1, 2000 to March 1, <br />2000 by which final plans need to be submitted to us . <br />♦ Eliminating paragraph D of section 2.3 as it is redundant with paragraph E. (It dealt with <br />rezoning of the property.) <br />♦ Revising paragraph E of section 2.3 to require subdivision rezoning and architectural <br />review submissions by December 27, 1999. (This has been complied with.) <br />♦ Revision to paragraph F of section 2.3 to indicate the City's assistance with soils <br />correction costs up to $95,000 of the estimated $125,000. <br />♦ Deleting paragraph D of section 2.4 allowing the City to acquire the development <br />property prior to the finalization, rezoning, and expansion of the tax increment district. <br />(Rezoning will likely be completed by the end of January. However, we may need to <br />Page 10 <br />