Laserfiche WebLink
<br />Item 6.9.B. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Catherine Mehelich, Director of Economic Developmen~ <br /> <br />DATE: May 16, 2005 <br /> <br />SUBJECT: Consider an Amendment to the Development Agreement with <br />MetroPlains Development, LLC and Consider Bid Award for King <br />Ave Parking Lot Improvement Project <br /> <br />Attachments <br />. Development Agreement between the City and MetroPlains Development, LLC dated <br />December 6, 2004 <br />. Memo from Mary Ippel, Briggs & Morgan re: MetroPlains Project <br />. Memo from City Engineer, Terry Maurer re: King Ave Parking Lot Improvement <br /> <br />Background <br />The City entered into the attached Development Agreement with MetroPlains Development <br />on December 6, 2004 in connection with the construction of the Jackson Block and Bluff <br />Block project. Since that time staff has been working closely with MetroPlains to make <br />progress on a number of activities leading up to the anticipated summer project construction. <br /> <br />Issue <br />Staff and MetroPlains wish to proceed with the construction of the King Ave Parking Lot and <br />have identified a conflict in the terms of the Development Agreement regarding one of the <br />contingencies to constructing the Parking Lot, the closing on the conveyance of the Jackson <br />Block property and the commencement of construction of the Jackson Block project. Staff <br />and MetroPlains have determined that it is appropriate to amend the Development <br />Agreement. <br /> <br />The Development Agreement requires MetroPlains to close on the construction financing for <br />the Bluff Block project prior to the city's construction of the King Ave Parking Lot, the <br />conveyance of the Jackson Block property and the construction of the Jackson Block project. <br />MetroPlains indicates that their purchase agreement with US Bank allows for the property to <br />be vacated by October 1, 2005, therefore MetroPlains is not able to close on construction <br />financing for the Bluff Block project until they have clear title to ill of the Bluff Block <br />property. MetroPlains currently has clear title to two of the three Bluff Block properties. <br />