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Item No. /7 Meeting Date: 9-14-98 Staff Report No. Type of Business: EDAB WK: Work Session;PH:Public Hearing; CA:Consent Agenda;EDAB:EDA Business Mounds View Economic Development Authority Staff Re ort To: Mounds View Economic Development Authority From: Rick Jopke, Community Development Director Item Title/Subject: Amendments to the Development Agreement with the Everest Group concerning the Building N Project. Date of Report: September 11, 1998 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 Everest Group has requested additional changes to the development agreement to change the development entity, slightly reduce the size of the building, and to allow them flexibility to do a build-to-suit deal where Everest would build the building but immediately sell it to a new owner who would-occupy the building. In that situation Everest is requesting that they be released from their obligations under the development agreement and that the obligations be transfered to the new owner. A copy of the redline version of the development showing the proposed changes is attached. Jim O'Meara from Briggs and Morgan 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. ACTION TO BE CONSIDERED Approval of EDA Resolution No. 98-EDA-97 (to be handed out at the meeting) approving the proposed changes to the development agreement pertaining to the Building N site within the Mounds View Business Park. Rick Jopke Community Development Director N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDA\09-14-98.WPD