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il� <br />� <br />MO�JI*�1DS VIEti�V ECONOMIC DEVELOPMEN�' AU'THORITY <br />REQUEST FOR EDA CONSIDERATION <br />STAFF REPORT <br />EDA MEETING DA`IL June 27, 1994 <br />EDA Action: <br />❑ Speciai Order of Business Agenda Section: �' B <br />❑ Public Hearings Rcport Number: EDA-9 - <br />❑ Cunscnt Agcncia Rcpc�rt Datc: 6-23-9 <br />� LDf� Busii�css <br />Item pcscriptiou: Consideration of EDA Resolution No. 94-EDA 11 Approving and Authorizing <br />the Execution of a Revised Development Agreement with the Everest Group, Ltd, Regarding <br />• V• 11111 l% J V a1.7 y • <br />se;cutive Director's Review/Recommendation: <br />- No comments to supplement tl�is report <br />- Cu�iinictits attac:(��cl <br />Lspl.11l:l[lOtl%SUIIIRI£lry (;utach supplcntent shccts :u nccessary) <br />S UMNIARY: <br />f�c�r yc�ur ccrosicleraition i� a revisecl clevelo��ment x��reement with Gverest for the C.G. Hill Project. The agreements remain <br />suhst�uitially xs they were preti�nt�cl ��nd x����rovc� at the EDA IIICCIIII� on May 23, 1994. "l�he minor revisions are as follows: <br />I. The definition for "C.G. Hill" is continnecl as C.G. Hill & Sons, Inc. x Minn�sota cor��oration. <br />2. The �evelo��ment a��re�mc;nt now s��ecifies Nlat C.G. Hill will own the property and will occupy the im�rovement rrt tlle <br />�r�i�c� ��'lhc� At�tl�ur•iry'.e c�xc�cciriuri c�'Ihc� Cc�rtificrr�rui� uf'C<�u�/�letion. <br />In aciclition, Everetit has a��reecl to ��ay Park Declicatio�i fees in the full amotuit for the 2.64 xcreti that will be developed for the <br />C.G. Hill ��roject hasCCl upon appraisal concluced hy McKinsi� Meh�o A��praisal dated May 23, 1994. Park Dedication fees for <br />die xdditional suhclivisic>n will hC ��aid based upon the fair mxrl<et value at th� timc the property is develored. According to <br />Paul Harrin��tc>n, Cc�mmunity Developmc.nt Coordin�tor, the agreement to pay the; park dedication fees hy Everest has been <br />fCVICWCCI I)y J1111 TI10111�)tiUll. City Attorney, ancl is cle�mc;d fair ancJ equitahlc. <br />Tlie x«reement is still contin��ent u��on ��ayment in (�ull ot� the Park Dedication fees in xn amount acce�table by the City. All <br />c�U�er r.un�iticros uf the developm�nt a��rc;cmznt remain the same �is presentecl on May 23, 1994. <br />Cathy BeyrfS�t�/ Lcc�nomic De;vele>��ment Cc>orclinator <br />RrC01�IliEyDATIOy: <br />Mution tc� �vaiv� thr. r�aidin�� xn�l a����rcive/clisa����rove Resolution No. )4-EDAI I A����r��vin�� xncl Authorizin�� the Execution <br />��� <i IZCVItiCII DLVZIO�)I11CIll AiTICCIl1CIlt �VIII] (I1C Everest Grottp, Ltd, Regarding C.G. Hill � Sons, Inc. <br />