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Item No. 9 M Meeting Date: 4/12/99 Staff Report No. Type of Business:EDAB WK Work Session;PH:Public Hearing; CA:Consent Agenda;EDAB:EDA Business Mounds View City Economic Development Authority Staff Re ort To: Mounds View Economic Development Authority From: Kevin Carroll, Economic Development Coordinator Item Title/Subject: Consideration of Resolution 99-EDA-108, a Resolution Approving and Authorizing Execution of an Amended Development Assistance Agreement with Michael Investments (Everest Group) Regarding the Building N Project. Date of Report: April 8, 1999 SUMMARY As you will recall,this issue was addressed at the work session on March 1st, the regular Council/EDA meeting on March 8th, the Economic Development Commission meeting on March 25th, and the regular Council/EDA meeting on April 5th. Accordingly, an extensive review of the progress of this matter is probably not required, but the more recent historical highlights include the following: • On August 25, 1997, the EDA approved Resolution 97-EDA-67, which dealt with the"original" Development Assistance Agreement regarding the Building N Project. However,the Agreement was never executed by the parties. • On September 14, 1998,the EDA approved Resolution 98-EDA-97, which dealt with a modified version of the original Development Assistance Agreement. The primary modifications permitted the construction of a 97,463 sq. ft. building rather than the 103,000 sq. ft. building that was initially envisioned, and allowed the developer more flexibility with respect to a possible"build-to- suit" arrangement. This revised version of the Agreement was also never executed by the parties. • On December 28, 1998, the City Council approved Resolution#5298, which dealt with an alternate site plan for the Building N Project. The new site plan permitted the construction of either a 69,000 sq. ft. office/flex/showroom or the larger office/warehouse/manufacturing facility that had been initially planned.