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515 Little Canada Road, <br />(612) 484 -2177 <br />Little Canada, MN 55117 -1600 <br />/ FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 21, 1991 <br />RE: Kandice Heights II 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 />With financing secured for the Kandice Heights II <br />development, we must now execute the developer's agreement <br />for this project. If you will recall, the City Council had <br />authorized us to enter into an agreement during the end of <br />1990 for this project. Given the change in the project <br />size, amendments to this agreement have been necessary. <br />The only major changes relate to the following: <br />* Size of the building is reduced. <br />* Estimated market value of the building is reduced <br />relative to the building size reduction. <br />* A guarantee of a minimum tax payment has been set <br />out in order to ensure that the project generates <br />sufficient cash flow to protect the City. <br />Mary Ippel of Briggs & Morgan is preparing the agreement <br />and we should have a draft available on Monday. It is <br />expected the developer will execute the agreement and be <br />available for final approval by the Council at Wednesday's <br />meeting. The City Attorney will also conduct a review of <br />the agreement to complete our review process. <br />JRH:kpv <br />• <br />Page 40 <br />