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42 <br /> EHLERS <br /> & ASSOCIATES INC <br /> oTo: Mike Morrison,City Manager <br /> From: Jim Prosser <br /> W Date: April 17, 2002 <br /> Subject: Pratt Ordway Preliminary.Development Agreement <br /> Attached is the preliminary development agreement with Pratt Ordway for the Northwest <br /> Quadrant redevelopment agreement project. The primary purpose of the agreement is to <br /> provide assurances that the city will not assist other developers during the time that.the <br /> developer and the city are negotiating the final development agreement. The agreement <br /> specifically accomplishes the following:. <br /> 1. Provides that the City will not enter into an agreement with other developers to assist <br /> with land assembly or provide financial assistance for properties within the <br /> redevelopment project area during the term of this agreement. This is in essence an <br /> "exclusive"rights agreement. It does not prevent property owners within the project <br /> area from selling or improving their property. <br /> 2. The project area as defined will exclude the Exhaust Pro's and the Hardee's site <br /> being developed by Culvers and also excludes the Equinox Apartments. <br /> 3. The agreement, in its,current form, allows the city to terminate the agreement if the <br /> developer is not pursuing the redevelopment with due diligence. <br /> 4. The developer agrees to deposit$75,000 reimburse the city for costs related to <br /> project costs including financial, legal and planning services. <br /> 5. Establishes a time period of one year or the approval of a final development <br /> agreement, whichever occurs first. During this time the developer and the City will <br /> essentially be negotiating a final development agreement. The issues in the final <br /> development agreement include project timing, land use approval process, project <br /> financing, financial assistan ce, land assembly and project timing. <br /> It is important to note that this preliminary agreement does not provide any land use <br /> approvals nor does it extend any assurances that financial assistance will be provided. It <br /> does forecast that the developer has the right to request assistance. Entering this agreement <br /> does not assure that development will occur. <br /> LEADERS IN PUBLIC FINANCE <br /> 3060 Centre Pointe Drive Phone: 651-697-8503 Fax: 651-697-8555 <br /> Roseville, MN 55113-1105 Email: jim @ehlers-inc.com <br />