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KRASS MONROE , P . A . <br /> ATTORNEYS AT LAW <br /> Gay Greiter,Esq. James R Casserly,Esq. <br /> Email:ggreiter@k,assmonroe.com Emailjcasserly@.krassmonroe.com <br /> Direct(952)885-4393 Direct(952)885-1296 <br /> MEMORANDUM <br /> To: City of New Hope <br /> Attn: Kirk McDonald, Community Development Director <br /> From: Gay Greiter, Esq. <br /> James R. Casserly, Esq. <br /> Date: January 16, 2004 <br /> Re: E. Winnetka—Summary of Redevelopment Agreement with Ryland <br /> Our File No. 10048-18 <br /> At your request, we have prepared the following summary of the principal terms of the <br /> Authority's proposed redevelopment agreement with Ryland for the Council's review at its work <br /> session on January 20, 2004. Gay will plan to attend the work session and will be available for <br /> questions. <br /> • Timing of land sales to Ryland <br /> Three separate conveyances of land are planned, all slated to occur within calendar year 2004. <br /> The first (the "Model Phase") will occur by April 15 and will be of two tracts of land along <br /> Winnetka already owned by the City so that Ryland can build models of each of the two <br /> planned housing types,the Heritage Condominiums and the Carriage Townhomes. These two <br /> tracts will probably consist of 5518 to 5532 (3 parcels) and 5406 to 5422 (6 parcels). <br /> This will be followed by phased conveyances of the rest of the site, "Phase I" and"Phase II". <br /> Phase I will be delivered to Ryland between June I and July 1 and will consist of either the <br /> rest of the property along Winnetka or the property along Bass Lake Road, depending on <br /> which area the EDA is able to fully acquire first. Phase II, all remaining property, will be <br /> delivered by September 1. <br /> 8000 NORMAN CENTER DRIVE,SUITE 1000 •MINNEAPOLIS,MINNESOTA 55437-1178 <br /> TELEPHONE 9521885-5999•FACSIMILE 952/885-5969 <br /> www.krassmonroe.com <br />