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Preliminary Development Agreement. Similar to the purchase and predevelopment agreement except <br /> it doesn't take into the account the city's willingness to sell the property. The developer is named as the <br /> sole developer of the property during the term of the agreement. The developer explores the idea of <br /> developing the site. The city can ask the developer to complete certain tasks, such as obtaining a traffic <br /> study,housing study, etc., and the developer would be asked to submit a proposal to the city by a certain <br /> date and identify financing. No monetary value is exchanged. <br /> The developer is requesting the Council consider entering into a binding agreement with the ability to <br /> secure site control of the city/HRA properties and allow time for the discovery of a development concept <br /> for downtown Elk River. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ None <br /> N:APublic Bodies\Agenda Packets\09-16-2019\Final\x9.3 sr Downtown Development Concept Updote.docx <br />