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<br />CITY OF NEW BRIGHTON <br /> <br />Agenda Section: <br /> <br />V II -8 <br />83-80 <br /> <br />REQUEST FOR COUNCIL CONSIDERATION <br /> <br />Report Number: <br /> <br />Report Date: <br /> <br />March 18, 1983 <br /> <br />ITEM DESCRIPTION: <br /> <br />DEPT. HEAD'S APPROVAL: <br /> <br />DEVELOPMENT AGREEMENT <br />WINFIELD DEVELOPMENT <br />NA <br /> <br />MANAGER'S REVIEW/RECOMMENDATION: <br />No comments to supplement this report 5) L..J.~ <br />(I <br /> <br />Comments below/attached <br /> <br />EXPLANATION/SUMMARY (attach supplemental sheets as necessary): <br /> <br />EXPLANATION <br />Attached is a memarandum fram James Casserly, O'Cannar & Hannan~ and a <br />prapased develapment agreement between the City and Winfield Develapments <br />regarding the praperty at Caunty Raad IIDII and I-35W. <br /> <br />While the agreement is lang and detailed, it can be summarized as fa11aws: <br /> <br />1. Winfield has a valid aptian to. purchase the praperty which wauld <br />be assigned to the City. <br />2. The City would buy the praperty fram Griffis, Inc., re-lacate the <br />existing tenants and sell back the praperty to. Winfield. <br />3. Winfield will demalish the buildings, re-lacate a starm sewer <br />and canstruct initially a 54,220 square faot building with two. <br />additianal buildings to fallaw far a tatal af 125,000 square <br />feet. (See LP-141) <br /> <br />As a reminder this praperty was established as a develapment district aver <br />1 year ago. and a tax increment district was also. appraved at that time. <br /> <br />In shart, my apinian is that this is a gaad, safe praject far the City. <br /> <br />RECOMMENDATION <br />To. autharize the Mayor and Manager to. execute a deve1apment agreement with <br />Winfield Deve1apment, Inc. <br /> <br />