07/23/2007 Council Packet (2) - Laserfiche WebLink

Home Search

• Revised 06/18/07 DA Revised 6/27/07 DA/MD • • PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT, dated as of this day of , 2007 (the "effective Date ") is entered into by and between the City of Lino Lakes (the "City "), a municipality under the laws of the State of Minnesota and Greg Anderson Development LLC, a Minnesota limited liability company (the "Developer "): WITNESSETH: WHEREAS, the Developer currently controls certain property which is described in Exhibit A hereto (the "Property "); and WHEREAS, the City desires to initiate a Right -of -way realignment project conceptually depicted on Exhibit B hereto (the "Realignment Project ") and promote redevelopment of the Property; and WHEREAS, the Developer has proposed to transfer a portion of the Property needed for the Realignment Project and redevelop the Property for commercial/retail purposes as conceptually depicted as Exhibit C hereto (the "Redevelopment Project "); and WHEREAS, if undertaken and completed, the Realignment Project and Redevelopment Project together would help meet the City's goal of installing efficient and functional infrastructure, increasing the local commercial tax base, providing increased employment and services in the city and meeting the physical development goals of the City. NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: A. Actions to be taken by City and Developer. The City and Developer will complete the following items within the time durations provided herein: (1) By September 15th, 2007, the City will complete a preliminary feasibility study of the Realignment Project. The study shall detail the area and dimensions of the Property necessary for the Realignment Project, and the total estimated cost of the Realignment Project inclusive of all design, engineering, right -of way acquisition, permitting, legal, administrative and construction costs associated with the Realignment Project; (2) By October 1s`, 2007, the Developer shall submit a conceptual site plan for the Property, depicting the intended Redevelopment Project to be undertaken by the Developer,