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to a speculative agreement, the developer has to agree with what is in the plan and build that i <br /> building. <br /> Economic Development Coordinator Carroll advised that Everest Development has one tenant <br /> who is reaching a decision point of whether they want to locate in this building and some <br /> changes reflect that specific prospective tenant. He noted the EDA and staff talked in closed <br /> session about the <br /> documents to be approved and the process to be followed. <br /> President Coughlin asked Mr. Nelson if he would like to address the EDA. <br /> Tim Nelson, Michael Investments, stated he has nothing to add, stands for questions, and would <br /> like an opportunity to address the EDA following decisions made. <br /> MOTION/SECOND: President Coughlin/Marty. to reconsider the action taken on Resolution <br /> No. 99-EDA-09 which rescinded the authority of the EDA President and Executive Director. <br /> #. <br /> Ayes - 5. Nays - 0. Motion carried. <br /> MOTION/SECOND: President Coughlin/Thomason. to ratify the action taken by EDA <br /> President and City Administrator in signing the original September 8, 1998 agreement presented <br /> to the EDA. <br /> Ayes - 5. Nays - 0. Motion carried. <br /> MOTION/SECOND: Thomason/Marty. To adopt Resolution No. 99-EDA-112 Approving <br /> Modifications to Development Assistance Agreement with Michael Investments Concerning the <br /> Building N Project. <br /> Attorney Long explained that this Resolution, in paragraph 5, indicates upon execution,this new <br /> Agreement would essentially supersede and nullify previous agreements that were signed, <br /> making this become the new and complete Agreement. He also noted that Paragraph 6, upon <br /> approval and execution of this Development Assistance Agreement, will be contingent upon <br /> signing a Mutual Release of All Claims to which the developer has agreed. The Mutual Release <br /> of All Claims will be signed prior to executing this document. <br /> Ayes - 5. Nays - 0. Motion carried. <br /> I <br /> Mr. Nelson stated he appreciates the action taken by the EDA and commented that Building N <br /> will be the last building project within the Mounds View Business Park. On behalf of Everest <br /> Group, he stated he is pleased and proud to bring this project to completion. Mr.Nelson <br /> reviewed the history of their development of the Mounds View Business Park which started in <br /> 1986. He advised that to date, they have developed approximately 1.1 million square feet of <br /> 3 U:\CARTS\COUNCIL\MINUTES\MVEDA26.APR <br />