Agenda Packets - 1999/03/01 - Laserfiche WebLink

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Item No. Meeting Date: 3/1/99 Staff Report No. Type of Business: WK WK: Work Session;PH:Public Hearing; CA:Consent Agenda;EDAB:EDA Business Mounds View City Council Staff Report To: Mounds View Economic Development Authority From: Rick Jopke, Community Development Director Item Title/Subject: Amendments to the Development Agreement with the Michael Investments (Everest Group) concerning the Building N Project. Date of Report: February 24, 1999 SUMMARY The EDA has approved an original development agreement with conditions and subsequently some amendments to the agreement as requested by the Everest Group in order to facilitate the development of a vacant site in the Mounds View Business Park. The EDA has also denied other requested amendments. The EDA in September of 1998 approved the most recent version of the agreement which changed_the development entity, slightly reduced the size of the building, and allowed the developer more flexibility to do a build-to-suit deal. To date the development assistance agreement has not been signed. In December of 1998,the City Council approved an alternate site plan to give the developer the flexibility to do either the originally proposed manufacturing/warehouse/office building or a office/flex/service building. The developer is now requesting that the development assistance agreement be amended to reflect the site plan changes approved by the City Council. The requested changes are housekeeping in nature. The proposed changes include: 1. A change in the date of the agreement. 2. A revision of the definition of the term"Improvements"to reflect the alternate site plan approved by the City Council in December of 1998. 3. A change to indicate that the development entity is a a general partnership and not a corporation. 4. A change to indicate that Jeffrey L.Neilsen is the General Partner and not President of Michael Investments. Jim O'Meara from Briggs and Morgan,who drafted the original agreement on behalf of the EDA,has reviewed the proposed changes and indicated that there are no legal issues with the proposed changes. Attached is a redline version of the revised agreement drafted by Mr. O'Meara.