06/25/2001 Council Packet - Laserfiche WebLink

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• • The city and the development team will agree to a 50/50 cost sharing, not to exceed $2,000, for preliminary sketches or computer models of the commercial area and senior housing in Phase I in order to provide a visual resource for discussions with the city council, the YMCA and potential users. We expect there will be a gap between the city's price of the land, plus assessments, and what is financially feasible for the completion of the Phase I project. The Livable Communities grant funding of $450,000 in the Phase I project will be incorporated into a final development agreement for the construction of improvements or land write down. Any further need for public assistance will be at the discretion of the city council. This development of public improvements and the sale of public land will require several independent consulting studies, including an independent appraiser, a feasibility report regarding the cost of infrastructure and site improvements to the project, etc. It is expected the city will pay for the public improvements feasibility study and the developers will pay for their costs for similar consultants for the private development. All agreements with the development team of RMF Entities and Duffy Development are subject to the approval of the Lino Lakes City Council. This letter should not be considered a binding contract, but the guidelines for completion of a development agreement. We look forward to developing a series of action items and a timetable that will enable this exciting project to move forward. Sincerely, Mary Alice Divine Lino Lakes Economic Development Assistant We hereby accept this letter of intent: John Duffy, Duff Development Ross Fefercorn, RMF Entities cc: Brian Wessel, Economic Development Director Al Rolek, Finance Director Bill Hawkins, City Attorney Jerry Shannon, Springsted