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I I I Council Meeting MJtes December 22, 1987 Motion by Brandt, seconded by Blomquist, to WAIVE THE READING AND ADOPT A RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A CON- TRACT FOR PRIVATE DEVELOPMENT WITH GOLDEN POND, INC. 5 Ayes - 0 Nayes, Motion Carried Locke reviewed the staff report concerning a proposed development agreement for a 28-acre redevelopment area for an industrial park to be completed in three phases. James Senden, developer, stated the documents have been approved by his attorneys. Carl Sample, owner of a home on First Street, asked if all acqui- sitions would be completed before Phase I is built; Benke stated only the property for the Phase I section would be acquired at this time. Sample expressed concern that if Phase II and Phase III are not developed, remaining property would decrease in value. Benke indicated as a project proceeds and develops, the will be anxious to develop the surrounding land; and if, reason, the active developer is unable to complete the other developers will have an interest. developer for some project, Locke indicated this is more a question of "when" it happens, rather than I'if" it happens ; all the property inquest ion is zoned industrial. In response to a First Street N.W. owner's question about guaran- tees the land would be purchased if the project does not get com- pleted, Locke stated there would not be a direct guarantee but the intent is to take the entire area. Locke continued that, if the project stalls and we have people interested in selling in the First Street area, we could talk to owners and work out something because it is our intent to see this land developed into industri- al use and we do not want to place an undue burden on property owners. Senden stated he intends to proceed to Phase II as soon as possi- ble; agreement has been developed in such a manner that Phase I is the most expensive; and every incentive is in the agreement to proceed quickly. Ken Carlson, owner of rental property, has been in New Brighton for ten years and asked if there was room in the project for his business; Senden will meet with him to see if Carlson's business can be incorporated into the project. Benke suggested Carlson use the relocation process to relocate his business if an agreement cannot be reached with the developer. Jerry Frieden, Second Street, asked when owners would know for sure about relocating, and questioned the- appraised value of his property. Page 11 Development Agreement Brighton Park Report 87-330 Resolution 87-148