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+ 1 9 Z ceaceek <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />TO: Mayor Hanson & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: October 8, 1993 <br />RE: Development Agreement Release - Rice at "C" Center <br />Attached is a release of the development agreement for the <br />Rice at "C" Center. As you may recall, Sherman - Boosalis <br />was the developer of this project. The development <br />agreement pertained primarily to the residential <br />development. The commercial center generates tax <br />increments which support that development, but we do not <br />have any stipulations dealing with financial considerations <br />for that portion of the project. <br />Norwest Bank has been exerting its authority over the <br />project due to a default by the developer. They have <br />requested that the City release its interest in the <br />development agreement in order to make the property <br />saleable. Mary Ippel of Briggs & Morgan has reviewed this <br />release and found it acceptable. It should also be noted <br />that we have added a stipulation whereby Norwest and <br />possibly any future purchaser would be responsible for <br />corrections to the retaining wall on the property should <br />they be deemed necessary in the future. <br />If you have any comments or questions regarding this <br />matter, please let me know. <br />JRH:kpv <br />Page 35 <br />