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UNAPPROVED <br /> EDA Page 4 • <br /> Regular Meeting June 27, <br /> there is no reason for replattng or subdivision of the property, <br /> therefore, no park dedication fees are required until such time as <br /> Multi-Tech determines to plat the property. The contingency with <br /> regards to the park dedication fees has been resolved with the <br /> purchase of the entire parcel and this would nullify the previous <br /> draft with the approval of the draft of 6-15-94 . <br /> MOTION/SECOND: Blanchard/Quick to Approve Revised Development <br /> Agreement with everest Development, Ltd. , Regarding Multi-Tech Dated <br /> 6-15-94 <br /> VOTE: 5 ayes 0 nays Motion Carried <br /> B. Consideration of EDA Resolution No. 94-EDA 11 Approving and <br /> Authorizing the Execution of a Revised Development Agreement with <br /> the Everest Group, Ltd. Regarding C. G. Hill & Sons, Inc. <br /> Samantha Orduno, Executive Director, listed the revisions to the <br /> Development Agreement. Those revisions were, definition for C. G. <br /> Hill is confirmed as C. G. Hill & Sons, Inc. , a Minnesota <br /> corporation; the development agreement now specifies that C. G. Hill <br /> will own the property and will occupy the improvement at the time of <br /> the Authority's execution of the Certificate of Completion. Orduno <br /> also reported that Everest has agreed to pay Park Dedication fees <br /> the full amount for the 2 . 64 acres that will be developed for the <br /> G. Hill proejct based upon appraisal conducted by McKinsie Metro <br /> Appraisal dated May 23 , 1994 . Park Dedication fees for the <br /> additional subdivision will be paid based upon the fair market value <br /> at the time the property is developed. Orduno further reported that <br /> according to Paul Harrington, Community Development Coordinator, the <br /> agreement to pay the park dedication fees by Everest has been <br /> reviewed by Jim Thomson, City Attorney, and was deemed fair and <br /> equitable. Orduno stated that the agreement is still contingent <br /> upon payment in full of the Park Dedication fees in an amount <br /> acceptable by the City. All other conditions of the development <br /> agreement remain the same as presented in the previous draft. :The <br /> approval of the 6-15-94 draft would nullify the May 23 , 1994 draft. <br /> MOTION/SECOND: Blanchard/Trude to Adopt Resolution No. 94-EDA11 <br /> Approving and Authorizing the Execution of a Revised Development <br /> Agreement with the Everest Group, Ltd. , Regarding C. G. Hill and <br /> Sons, Inc. <br /> VOTE: 5 ayes 0 nays Motion Carried <br /> REPORTS <br /> 1. Report of President Linke: No report. <br /> 2 . Report of Vice President Blanchard: No report. 4111 <br />