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-C; 4 j 2;274 `KeenCLC% <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: May 17, 1991 <br />RE: Bachmeier Development Agreement <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Bill Blesener <br />Rick Collova <br />Jim LaValle <br />ADMINISTRATOR <br />Joel R. Hanson <br />In order to preserve the tax increment financing district <br />we established on the Grieman property located on the <br />southwest corner of Interstate 35E and Highway 36, we need <br />to enact a developer's agreement prior to June 1. This <br />agreement will be fairly general as far as specific <br />performance requirements on the part of the developer and <br />the City. Another key point of this agreement is that <br />should Bachmeier not be able to proceed with the <br />development, flexibility will still exist should another <br />developer become available for this site. By having this <br />agreement, the City will be able to keep the economic <br />development district in affect for its duration (ten <br />years). Without this agreement, the district would expire <br />and we would be subject to new and more restrictive <br />regulations regarding re- establishment. <br />Mary Ippel of Briggs & Morgan has prepared a preliminary <br />draft of this agreement which we are discussing. I will <br />have a finalized copy available for Wednesday's meeting for <br />your approval. It should also be noted that Don Bachmeier <br />has placed a cash deposit with us to cover the cost of <br />preparation of this agreement. <br />JRH:kpv <br />Page 54 <br />