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Mayor & City Council <br />April 9, 1999 <br />Page 2 <br />• Developer prefers a credit for any screening between neighboring properties that may <br />be required. <br />• Developer will commence project as soon as the site is ready (fall of 1999 or spring <br />of 2000). <br />♦ The process of acquiring parcels (by developer or by city) needs to be finalized. <br />♦ Pay -as- you -go versus up front bonding needs to be discussed further. <br />• Developer would like an option to develop the north 3 '/ acre site. <br />♦ Developer will personally guarantee the project gets constructed within the <br />appropriate timeframe. <br />If the Council is interested in this concept, we would need to have direction to begin <br />work on the development agreement to accomplish same. Other outstanding issues <br />would then be addressed as part of this process. <br />There has also been interest expressed in the north parcel on the part of two different <br />entities. They are initially focusing on the acre the City already owns and maybe some <br />additional land to support a building of 15,000 to 20,000 square feet. Both parties may <br />be present at Wednesday's workshop depending on the status of their projects. <br />We also had two proposals for real estate services relative to brokering of this site. Given <br />the recent interest in this property, I would recommend we not take action on these <br />proposals at this time. <br />JRH:kpp <br />Enclosure <br />cc: John Allen, Industrial Equities LLP <br />Dick Biagini <br />Steven Dilks, MTA, Inc. <br />Gary Collyard <br />Sherman Rutzik <br />Rich Ragatz, Towle Real Estate <br />John Ryden, CB Richard Ellis, Inc. <br />Page 48 <br />