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OTo: EH_LER_S_ 4 Stacie Kvilvang -- Ehlers & Associates CDate: G April 8, 2008 Subject: Seventh Amendment to Development Agreement With Apache Redevelopment LLC LEADERS IN PUBLIC FINANCE OTo: Mike Mornson — Executive Director G From: Stacie Kvilvang -- Ehlers & Associates CDate: G April 8, 2008 Subject: Seventh Amendment to Development Agreement With Apache Redevelopment LLC On February 5, 2008, the City Council met in a work session to hear a presentation from Len Pratt, Housing Developer for Silver Lake Village, on a revised concept for the Phase IB housing. Mr. Pratt presented an option to change the type and number of units to be constructed in Phase IB from 128 Condominiums (for sale) to 100 Cooperative Senior Units (for sale). In addition, he introduced his potential new development partner, Cooperative Communities. Based upon the presentation and short discussion, Council requested that staff prepare the following: 1. List of pros and cons of approving the change 2. List of what would need to be updated in the Development Agreement if the change was approved and if any changes would be required to the PUD that was filed, etc 3. Memorandum on what would happen if the City did not approve the change and legal ramifications if there was a default as a result At the March 18, 2008 work session, Council reviewed the above information and requested that staff bring back a resolution to authorize proceeding to negotiate a 7`I' amendment to the Development Agreement to allow for the change in type of housing to be developed as part as Phase 1B. Please contact me at 651-697-8506 with any questions. cc: File LEADERS IN PUBLIC FINANCE 3o6o Centre Pointe Drive Phone: 65i-697-8506 Fax: 651-697-8555 Roseville, MN 55113-1105 skvilvang@ehlers-inc.com