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66 0 EHLER , & ASSOCIATES INC ® To: Mike Morrison—City Manager From: Stacie Kvilvang—Associate Financial Advisor W Date: May 5, 2004 Subject: Extension of Time Line for Phase II Development—Northwest Quadrant Redevelopment On December 19, 2003, the City Council and Housing and Redevelopment Authority (HRA) executed a Development Agreement with Apache Redevelopment LLC for the redevelopment of the Northwest Quadrant. According to Section 8.1 of the agreement, the Developer was to submit detailed site plans and proformas to the City by March 15, 2004, for Phase II of the development. Based upon review of this information and negotiations between the two parties, the Developer and HRA were to enter into the Phase II contract addendum by May 31, 2004. As you recall, the Phase II development was comprised of the senior condo/co-op, the high- end town homes and additional stacked flats and were to be located on the properties located along Stinson Boulevard and the existing 39`h Avenue. Due to the extensive time that the Developer has needed to expend on expediting and finalizing all the components of Phase I of the development, they are requesting an extension of the above-mentioned timelines. The Developer is still interested in completing Phase II of the development and is requesting that the new date to submit proforma and plan information be extended to October 15, 2004 and that the date to enter into a contract addendum be extended to December 31, 2004. .Please contact me at 651-697-8506 with any questions. cc: File LEADERS IN PUBLIC FINANCE _0------,--..__........_..- —.._.__..__._....... - --._.......------------ -._...----- - - -- -----,---5_"—'----------,-......--x_: ......_...—'---...-- -,5 360 Centre Pointe Drive Phone: 651-697-8506 Fax: 651-697-8555 Roseville, MN 55113-1105 skvilvang@ehlers-inc.com