Laserfiche WebLink
Office of: <br />JOEL R. HANSON, Administrator <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />612.484.2177 <br />FAX: 612-484-4538 <br />CITY OF LITTLE CANADA <br />RAMSEY COUNTY, MINNESOTA <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: May 18, 1990 <br />RE: Development Agreement between the City of Little <br />Canada and Kandice Heights I, Partnership, Inc. <br />MAYOR <br />Michael Fahey <br />COUNCIL <br />Beverly Scalze <br />Bill Blesener <br />Rick Collova <br />Jim LaValle <br />Attached to this memo is the above - referenced Development Agreement. It <br />should be noted that Kandice Heights Limited Partnership has been <br />previously referred to as LEE Development, Inc. This Agreement is not in <br />final form as of yet. Hopefully, all remaining issues will be settled <br />prior to Wednesday's Council meeting. Some important considerations <br />involving this Agreement are as follows: <br />* This Agreement only encompasses Phase I of the proposed building <br />project. (Phase I is the 33,000 square foot building south of <br />Nadeau Road and Phase II is the 17,000 square foot building <br />north of Nadeau Road.) It is anticipated that Phase I will <br />start yet this month or early in June with the planned start <br />date of Phase II being in September of this year. Separate <br />development agreements will govern each project due to mortgage <br />considerations on the part of the developer relating to each <br />project. <br />* The pay out date of our tax increment bond proceeds to the <br />developer has been changed from 30% of project completion to 50% <br />of project completion. This will provide the City with some <br />additional security in the event problems result with developer <br />performance. 50% appears to be a safe number given the mortgage <br />that will be in place from the private lender as well as the <br />developer's cash equity contribution to the project of $185,000. <br />* We have added a clause requiring the developer to pay any <br />additional costs relating to the Country Drive MSA project due <br />to construction necessary to accommodate his proposed building <br />projects. At a minimum, this will require the developer to pay <br />the City directly for some additional storm sewer and watermain <br />work estimated in the range of $17,500. <br />awry. <br />PAGE 37 <br />