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<br />APR,30,20049:40AM <br /> <br />METRO, PLAINS <br /> <br />NO, 167 <br /> <br />p, 5 <br /> <br />6. Purchase of Bluff Block properties. <br /> <br />The City will not finance the acquisition of the Bluff Block properties. lfthe actual cost <br />of acquiring and carrying the Bluff Block properties is greater than the costs contained in the <br />fmancial analysis prepared by Ehlers & Associates, it is agreed that the financial analysis will be <br />recalculated and the City is willing to consider the reduction of SAC and WAC fees and the cost <br />of the Jackson Block in order to make the Bluffproject feasible. <br /> <br />7. Type of Bluff Block Proiect. <br /> <br />MetroPlains is wil!ing to proceed with the Jackson and Bluff Blocks linked. If efforts to <br />fmance and market the Bluff Block show that financing and marketing tbIesholds cannot be <br />achieved and if MetroPlains has by that time expended substantial amounts of money and time <br />on design, marketing and approvals, the Development Agreement wil! state that the HRA and <br />MetroPlains will explore the feasibility of other types of projects on the Bluff Block, including a <br />combination of commercial and rental (if market rate) and/or for-sale housing. <br /> <br />Accepted by MetroPlains this J.. q TfJ day of ~ 2004. <br /> <br />METROPL~SDEVELOPMENT,LLC <br /> <br />tfy <br /> <br /> <br />4 <br /> <br />1643076vl <br />