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Section 6 pertains to the reimbursement of reasonable and necessary out of pocket costs. It should not <br /> be on the burden of the taxpayers to pay for these costs typically covered by the developer. If approved, <br /> the developer will be required to deposit$1,100 in escrow to the city. <br /> Section 7 designates Modern Construction as the sole developer of property. <br /> Section 8 outlines the term of the agreement effective until February 3,2020. In addition, the agreement <br /> may be terminated by the city with a 10 day written notice if certain conditions are not met by the <br /> developer, or if the city or the Authority reaches an impasse on the negotiation or implementation of this <br /> agreement. <br /> The HRA reviewed the preliminary development agreement earlier this evening. Staff will provide an <br /> update to the council. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ Preliminary Development Agreement <br /> ■ Parcel Map <br /> N:\PubhcBodies\Agendo Packets\10-07-2019\Done\x8.3 sr Preli ninon-Development Agreement pith 1Nlodern Construction of MN.docx <br />