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17 <br /> E H L E R S <br /> & ASSOCIATES IRC <br /> To: Mike Morrison—City Manager <br /> ® <br /> From: Stacie Kvilvang—Associate Financial Advisor <br /> W Date: October 28,2004,2004 <br /> Subject: Extension of Time Line for Phase II Development—Northwest Quadrant <br /> Redevelopment <br /> On May 5, 2004, the City Council and Housing and Redevelopment Authority (HRA) <br /> approved an amendment to the Development Agreement with Apache Redevelopment LLC for <br /> an extension on the timeline for redevelopment of Phase II. The extension dates approved <br /> were October 15, 2004 for submittal of a proforma and plan information (received) and <br /> December 31, 2004 for execution of a contract addendum (separate contract for Phase II <br /> development). <br /> As you recall, the Phase II development is comprised of the senior condo/co-op, the high-end <br /> town homes and additional stacked flats and were to be located on the properties located along <br /> Stinson Boulevard and the existing 39`x' Avenue. Due to the extensive time that the Developer <br /> has needed to expend on expediting and finalizing all the components of Phase I of the <br /> development and additional time required to obtain appraisals and negotiate acquisition of the <br /> Phase II properties, they are requesting an extension of the above-mentioned timeline for <br /> execution of the contract addendum (Phase II contract). <br /> The Developer is still interested in completing Phase II of the development and is requesting <br /> that the City Council and HRA approve an extension for completion of the Phase 11 <br /> Development Agreement to July 1, 2005. <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 />