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AGENDA ITEM 7D <br />STAFF ORIGINATOR: Michael Grochala <br />DATE: 03/11/02 <br />TOPIC: Consideration of Resolution No. 02 -18 approving a <br />Preliminary Development Agreement for the Village <br />project <br />Vote Required: 3/5 <br />BACKGROUND: <br />The Beard Group, a real estate development firm, has indicated an interest in <br />acting as master developer of the Village project. The group has experience in <br />mixed -use redevelopment in Robbinsdale, Hopkins, Sauk Rapids and Oakdale. <br />They are also the proposed master developers for the redevelopment project in <br />downtown Circle Pines. <br />Mr. Bill Beard is asking the city for an exclusive period of 90 days to allow him to <br />determine the economic feasibility of the Village Master Plan. This type of <br />agreement gives developers some assurance that the city is willing to work with <br />them before they invest time and money into the project. <br />This agreement states that the city will not consider any other developer during <br />that time period and will not review or approve any applications on the city - <br />owned part of the site. This is a predevelopment agreement and does not <br />commit the city to anything beyond the exclusive period. <br />During this time, staff will work with the developer to provide information that can <br />assist with the feasibility study, including an analysis of public assistance <br />opportunities. When the exclusive period is complete the developer will provide a <br />report to the council. <br />OPTIONS: <br />1. Approve Resolution No. 02 -18, authorizing a preliminary development <br />agreement with the Beard Group for a 90 -day exclusive development right on <br />the city -owned property in the Village. <br />2. Do not approve the Resolution. <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />