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O <br />To: <br />From: <br />w <br />Date: <br />Subject: <br />Overview <br />EHLERS <br />LEADERS IN PUBLIC FINANCE <br />Mike Momson — City Manager <br />Stacie Kvilvang — Ehlers and Associates <br />March 18, 2008 <br />Pratt Request to Change Phase IB Housing Development <br />On February 5, 2008, the City Council met in a work session to hear a presentation from Len <br />Pratt, Housing Developer for Silver Lake Village, on a revised concept for the Phase IB <br />housing. <br />Mr. Pratt presented an option to change the type and number of units to be constructed in <br />Phase IB from 128 Condominiums (for sale) to 100 Cooperative Senior Units (for sale). In <br />addition, he introduced his potential new development partner, Cooperative Communities. <br />Based upon the presentation and short discussion, Council requested that staff prepare the <br />following: <br />1. List of pros and cons of approving the change <br />2. List of what would need to be updated in the Development Agreement if the change <br />was approved and if any changes would be required to the PUD that was filed, etc <br />3. Memorandum on what would happen if the City did not approve the change and legal <br />ramifications if there was a default as a result <br />Attached to this memorandum is a list of the pros and cons as well as a memorandum from <br />Dorsey and Whitney regarding item #2. A privileged and confidential memorandum from <br />Dorsey & Whitney regarding item #3 above will be sent separately for distribution to the <br />Council apart from the Council packets in order to preserve its privileged nature. <br />Please contact me at 651- 697 -8506 with any questions or if you require further information. <br />LEADERS IN PUBLIC FINANCE <br />3060 Centre Pointe Drive <br />Roseville, MN 55113 -1105 <br />Phone: 651-697-8506 Fax: 651-697-8555 <br />skvilvang@ehlers-inc.com <br />