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The developers have indicated their interest in continuing to work toward future phases <br />of redevelopment of the commercial area. They have reached agreements for acquisition <br />of the two properties required for the realignment. A separate preliminary development <br />agreement with the city for future phases has been drafted which outlines actions to be <br />taken by the city and the developer, including the completion of the feasibility study of <br />the realignment project, submission of a concept site plan, completion of a purchase <br />agreement for the right -of -way needed for realignment of 77th Street (not to exceed $12 <br />per square foot), vacating the existing 77th Street right -of -way, and completion of an <br />Assessment Agreement establishing the amount, terms and conditions of the assessment <br />to be levied. It is anticipated these activities could occur before the end of 2007. <br />Council's consideration of this development proposal should be based on consideration <br />of the strength of the opportunity and whether this private development meets economic <br />development and redevelopment objectives. Several factors are to be considered: <br />• Tax benefits of increased market value <br />• Leveraging additional private investment in the surrounding area <br />• Motivated and qualified developer <br />• Opportunities for realignment of 77th Street <br />• Opportunities to redevelop residential within the business district to <br />commercial properties. <br />Requested Council Direction <br />These items are scheduled for the July 9, 2007 council agenda. Council is requested to <br />provide any additional direction to staff regarding the proposal. <br />Attachment(s) <br />1. Parcel Map <br />2. Memo from Anderson Builders re Development Objectives <br />3. Concept Plan <br />2 <br />