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IOf IrNM Report Number 14 -240 <br />BIRKA <br />R[)�'1� Agenda Section VI -4 <br />the city that works for you Council Meeting Date September 23, 2014 <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: Memorandum of Understanding (MOU) regarding the Contract for Private <br />Redevelopment between the Citv and Pulte Homes. <br />DEPARTMENT HEAD'S APPROVAL: Grant Fernelius, Community Development Director <4z <br />CITY MANAGER'S APPROVAL: <br />No comments to supplement this re <br />Comments attached <br />Recommendation: Approve the attaches' iorandwn of Understanding regarding the Contract for Private <br />Redevelopment between the City and Pulte Homes. <br />Legislative History: The City has been working with Pulte Homes since April 2012 on the Enclave at <br />New Brighton Exchange. Most recently (June 24, 2014) the City Council approved a 1St Amendment <br />to the Restated and Amended and Contract for Private Redevelopment with Pulte Homes. The parties <br />closed on the land on September 3, 2014. <br />Financial Impact: None <br />Explanation: The City and Pulte Homes have agreed to execute a Memorandum of Understanding <br />(MOU) that will be recorded in the chain of title for the Enclave at New Brighton Exchange. According <br />to the City's development counsel (Scott Landsman), the MOU does not alter or change any of the <br />terms and conditions of the Contract for Private Redevelopment or undermine its legal effect. It merely <br />puts prospective buyers on notice of its existence. <br />In many commercial real estate transactions or large -scale residential projects, the purchase agreement <br />(or in this case the redevelopment contract) is not recorded. A more typical practice, especially <br />when the documents are rather large, is to record a Memorandum of Understanding that references <br />the agreement. Interested parties can then contact the signatories for a copy of the document. <br />Pulte Homes made the request to use the MOU and has drafted the attached document. The City's <br />development counsel has reviewed the document and finds it acceptable. <br />Grant Ferne rus <br />Community Development Director <br />Attachments <br />