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EHLERS 42 <br />LEADERS IN PUBLIC FINANCE <br />OTo: Mike Morrison — City Manager <br />MFrom: Stacie Kvilvang — Ehlers & Associates <br />CDate: April 8, 2008 <br />G Subject: Seventh Amendment to Development Agreement With Apache <br />Redevelopment LLC <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 housing. <br />Mr. Pratt presented an option to change the type and number of units to be constructed in Phase <br />IB from 128 Condominiums (for sale) to 100 Cooperative Senior Units (for sale). In addition, he <br />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 was <br />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 />At the March 18, 2008 work session, Council reviewed the above information and requested that <br />staff bring back a resolution to authorize proceeding to negotiate a 7`I' amendment to the <br />Development Agreement to allow for the change in type of housing to be developed as part as <br />Phase 113. <br />Please contact me at 651-697-8506 with any questions. <br />cc: File <br />LEADERS IN PUBLIC FINANCE <br />306o Centre Pointe Drive <br />Roseville, MN 55113-110S <br />Phone:651-697-8506 Fax: 651-697-8555 <br />skvilvang@ehiers-inc.com <br />