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10 <br /> E H L E <br /> & ASSOCIATE'S INC <br /> To: Mike Momson—City Manager <br /> O <br /> From: Stacie Kvilvang—Associate Financial Advisor <br /> W Date: May 5,2004 <br /> Subject: Extension of Time Line for Phase H Development—Northwest Quadrant <br /> Redevelopment <br /> On December 19, 2003, the City Council and Housing and Redevelopment Authority (HRA) <br /> executed a Development Agreement with Apache Redevelopment LLC for the redevelopment <br /> of the Northwest Quadrant. According to Section 8.1 of the agreement, the Developer was to <br /> submit detailed site plans and proformas to the City by March 15, 2004, for Phase H of the <br /> development. Based upon review of this information and negotiations between the two <br /> parties, the Developer and HRA were to enter into the Phase H contract addendum by May 31, <br /> 2004. <br /> As you recall, the Phase H development was comprised of the senior condo/co-op, the high- <br /> end town homes and additional stacked flats and were to be located on the properties located <br /> along Stinson Boulevard and the existing 39th Avenue. Due to the extensive time that the <br /> Developer has needed to expend on expediting and finalizing all the components of Phase I of <br /> the development, they are requesting an extension of the above-mentioned timelines. <br /> The Developer is still interested in completing Phase H of the development and is requesting <br /> that the new date to submit proforma and plan information be extended to October 15, 2004 <br /> and that the date to enter into a contract addendum be extended to December 31, 2004. <br /> Please contact me at 651-697-8506 with any questions. <br /> cc: File <br /> LEADERS IN PUBLIC FINANCE <br /> 3060 Centre Pointe Drive Phone: 651-697-8506 Fax: 651-697-8555 <br /> Roseville, MN 55113-1105 skvilvang@ehlers-inc.com <br />