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Item No: 7F Meeting Date: December 12, 2011 Type of Business: Business Administrator Review: _______ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Heidi Heller, Planning Associate Item Title/Subject: Resolution 7869, Approving the Release of Development Agreement No. 03-126B between the City of Mounds View and Moundsview Jake’s, Inc. Introduction: In August 2002, the City approved a development review of a parking lot expansion for Jake’s Sport’s Café (now Moe’s Restaurant) at 2400 Highway 10. When the movie theater property was being developed, the Jacob brothers, who owned the restaurant at the time, purchased one of the theater plat outlots that was adjacent to their parcel in order to add 21,000 square feet of additional parking. The City required a development agreement with the expansion approval, which was signed in December 2002, and recorded with Ramsey County. Discussion: The property at 2400 Highway 10 is now in the process of being purchased, and the buyer’s title company and attorney have asked the City to officially release the development agreement as it is somewhat of a “lien” on the property. Staff and the City Attorney have reviewed the proposal and feel that there is no reason that the City cannot comply with this request. There do not appear to be any outstanding issues, and the parking lot has been completed for several years with no problems. Recommendation: Staff is recommending approval of Resolution 7869, a resolution approving the release of Development Agreement No. 03-126B between the City of Mounds View and Moundsview Jake’s Incorporated. Respectfully Submitted By, Heidi Heller Planning Associate Attachments: 1. Aerial view of restaurant and parking lot parcels 2. Release document for Mayor and City Administrator signature 3. Resolution 7869