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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:\PublicBodies\Agenda Packets\ 10-07-2019\Done\x8.3 sr Preliminary Development Agreement with Modem Construction of IMN.docx <br />