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26.5 <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> Report Date: September 8, 2004 <br /> Agenda Section: VI, C <br /> Meeting Date: September 14, 2004 <br /> ITEM DESCRIPTION: <br /> Update on Restaurant for St. Anthony Market Redevelopment <br /> MANAGER'S REVIEW: <br /> Per the development agreement with Amcon under Section 2.3 — <br /> Restaurant Unit, here is the most up-to-date information: <br /> 1) Amcon shall.use its best efforts to lease the restaurant to a third <br /> party for use as a restaurant with a'liquor license and charitable gambling <br /> by September 1, 2004. <br /> 2) If this does not happen, then Amcon needs to provide the City on <br /> or before this date a written summary of its efforts to obtain such a lease <br /> and thereafter keep the City reasonably informed until September. 2, 2005. <br /> 3) If no restaurant is in place by September 1 , 2005, the City can <br /> exercise its option to purchase the restaurant and related condominium for <br /> $100, exercisable. at any time on or after September 1 , 2005, if such <br /> restaurant lease has not then yet commenced or such tenant has not then <br /> opened for business pursuant to such restaurant lease in compliance with <br /> the development agreement. <br /> �un' �,(d�r�A A ,Q <br /> Michael Mornson <br /> City Manager <br />