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Mayor Fahey and Members of the City Council <br />May 18, 1990 <br />Page 2 <br />A conference call will be conducted on Monday, May 21 between Mary Ippel, <br />Loren Brueggemann and myself to try and resolve any remaining issues with <br />this Developer's Agreement. Once all issues have been resolved, the final <br />draft of the Agreement will be prepared and forwarded to Mr. Brueggemann <br />for his signature. Ideally, we will have a signed copy of the Development <br />Agreement available for the Council's consideration at Wednesday's <br />meeting. <br />I am also recommending that we proceed with the proposed bond issue for <br />this project with the understanding that award of the bond sale will not <br />be made until the developer has provided us evidence of financing <br />commitments, site control, and other performance considerations necessary <br />to ensure the project will proceed. The concern in this regard is that we <br />do not want to issue bonds and not have the project be completed in a <br />timely fashion. On the other hand, with the other bond issues we are <br />contemplating, there is an economy of scale to be gained by combining <br />these issues under one offering statement. <br />The City Attorney will be provided with a copy of this Agreement for his <br />review prior to action by the City Council. <br />JRH:kpv <br />Enclosures <br />PAGE 38 <br />