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Council Memo <br /> December 31, 1998 <br /> Page 2 <br /> 35W/95th Avenue exchange. <br /> c. In the event that the Arsenal property become unavailable or unsuitable, and/or if it <br /> appears that additional Park&Ride spaces are needed in(or closer to)Mounds <br /> View, Metro Transit is apparently convinced that extra parking spaces can be <br /> provided in the movie theater lot at a cost that would be substantially lower than the <br /> cost of providing them on the Mermaid project site. <br /> 4. Development Agreement: The initial draft of the Development Agreement has been revised <br /> to reflect some(but not all) of the changes that were suggested by the Halls' attorney And certain <br /> concerns and issues that were raised by the Economic Development Commission at its December <br /> 10th meeting. A copy of the revised Agreement has been included for your review. The Halls' <br /> attorney was scheduled to meet with me to discuss the revised Agreement at 1:30 p.m. on December <br /> 30th, but some schedule complications apparently arose and he was forced to cancel our meeting. I <br /> therefore do not know if the revised Agreement is completely acceptable to the Developers, but the <br /> fact that their attorney wanted to meet with me to discuss it suggests that there may still be some <br /> areas of disagreement. In any event, at the January 4th work session I will do my best to answer any <br /> questions that you may have about the"working draft" of the Agreement. As you review it, pay <br /> particular attention to the provisions that are underlined, because those are either the portions that <br /> have been added at the Developers' request Q1 new sections that have been included to address <br /> issues raised by the EDC. I should note that the dates in Section 4.3 on page 12 are wrong; they <br /> should be March 1, 1999 and December 31, 1999. <br /> 5. Property Acquisition(s): The owner of the RentAll site has not yet made a formal <br /> response to the City's offer to purchase the site. As I previously reported, that fact may be due to <br /> the owner's apparent desire to obtain an independent appraisal of the property, but whether the <br /> owner has done so is unknown at this time. Another unknown is the status of the Developers' <br /> discussions or negotiations with the owners of the other parcels that would be required for the <br /> project. <br /> A 1 , ! I : I II <br /> For i ussion onl . <br /> vi Carroll(71' , e' 9) <br /> Economic Development Coordina or <br /> N:\DATA\GROUPS\ECONDEV\COUNCIL\01-04-99.KPC <br />