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would be taken out of draft form and forwarded to Council for formal approval on March 14, 2017. <br />Following approval of the Term Sheet, staff would work with TUV SUD America on drafting a <br />Redevelopment Agreement. <br /> <br />Historically, the New Brighton Exchange Financial dashboard has been projecting development of Block <br />D with a 50,000 SF building in 2017 that generates a market value of $100/SF (or approximately $5 <br />million). The proposed development by TUV SUD America will meet timing goals but falls short of the <br />square footage and market value projected. Preliminary estimates by TUV SUD America and Ryan <br />Companies anticipate a value of approximately $4 million. Because of existing market conditions, <br />potential development competition, and retention of an existing New Brighton business and job base <br />staff would recommend the City proceed with the TUV SUD America proposal. As outlined in their cover <br />letter, TUV SUD would retain and grow an existing job base in the community, jobs with very <br />competitive wages. Job retention and growth has been a goal of the New Brighton Exchange <br />redevelopment area. <br /> <br />Staff and Ryan Companies will be available to address comments and concerns of the Commission. <br />Representatives from TUV SUD America may not be available for the meeting but have forwarded along <br />a presentation, which aims to introduce the commission to their company. <br /> <br />Attachments <br /> TUV SUD America Cover Letter <br />Draft Term Sheet & Exhibits <br />TUV SUD America Informational Power Point Slides <br /> <br />