06/25/2001 Council Packet - Laserfiche WebLink

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• AGENDA ITEM 7J • • STAFF ORIGINATOR: Mary Alice Divine DATE: 6/25/01 TOPIC: Consideration of Letter of Intent, Village Development Vote Required: 3/5 BACKGROUND: RMF Entities, Ltd and Duffy Development are interested in entering into an exclusive development contract with the City of Lino Lakes to develop Phase I of the Village. This phase comprises approximately 7.5 acres of city -owned land in the Village. The development team is interested in developing a mixed -use area consisting of retail, office and senior apartments. Staff has been working through a number of city and developer responsibilities that would be required to enter into an exclusive development arrangement. This letter of intent will be the basis for completing a development agreement. The key elements that would be included in a development agreement include: • An agreement to work cooperatively with other entities to finalize an integrated development plan • Granting exclusive development rights for a period of time subject to reasonable extensions if delays are out of the developers' control • Completion by the developer of market research, project budgets, concept plans and financing. • Completion by the city of public improvements feasibility, inclusion of the Village plan into the Comprehensive Plan, resolution of the second access into the site, finalization of plans with the YMCA • Cooperative efforts to find a win /win resolution to finalizing site assembly • Inclusion of design standards for Village development • Cost sharing of preliminary sketches for Village marketing purposes. • Responsibilities for public versus private consulting services. This letter is not a final or binding contract, it is a combined effort of staff and the developers to narrow down the steps required to move forward with a development agreement. However, staff is recommending that the council take