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EHLERS <br /> • & A S S O C I A T E S I N C <br /> 0 To: Catherine Mehelich, City of Elk River <br /> From: Jim Prosser& Stacie Kvilvang, Ehlers &Associates <br /> W Date: August 21,2002 <br /> Subject: Post Development Selection Actions <br /> The following describes the process and activities once a preliminary development selection <br /> is made: <br /> 1. Preliminary development agreement. A preliminary development agreement is <br /> drafted for HRA review. The agreement will address the issues that must be <br /> addressed prior to final development agreement preparation. These items typically <br /> include preparation of a refined site plan, financial and market feasibility analysis <br /> and project timing issues. In addition the developer will be required to deposit funds <br /> with the City to cover "out of pocket" expenses incurred by the City for legal, <br /> planning and financial review and coordination. Negotiating this agreement is <br /> • typically accomplished within 30 days. <br /> 2. Preliminary development activities. This phase typically requires six to twelve <br /> months. During the preliminary development agreement phase the developer is <br /> focused on the following activities: <br /> a. Land acquisition status. It is desirable for the developer to make contact with <br /> property owners in order to reach comfort levels regarding the feasibility and <br /> cost of acquisition and relocation. Review of this status will be used to <br /> determine project feasibility as well as the need for any city assistance with <br /> land assembly. <br /> b. Financial feasibility analysis. The City and the developer need to assess <br /> project financial feasibility. Outside funding and financing sources should be <br /> identified and preliminary commitments secured prior to final development <br /> agreement. City development fees and anticipated costs should be identified <br /> at this point in order to develop an accurate cost analysis. <br /> c. Site planning. A review of the site plan should be completed to be assured <br /> that the development program (number of units, retail space, parking, etc.) <br /> that serves as the basis of the financial feasibility remains within acceptable <br /> limits. This will not replace final planning review as required by City <br /> Ordinance. In addition, preliminary survey review should determine if there <br /> • LEADERS IN PUBLIC FINANCE <br /> N <br /> 3060 Centre Pointe Drive Phone: 651-697-8503 Fax: 651-697-8555 <br /> Roseville, MN 55113-1105 Email: jim @ehlers- <br /> inc.com <br />