062308 EDA
~
CITY OF NEW HOPE
EDA MEETING
City Hall, 4401 Xylon Avenue North
June 23, 2008
EDA Meeting will commence upon
adjournment of the City Council Meeting
President Martin Opem Sr.
Commissioner John Elder
Commissioner Andv Hoffe
"'
Commissioner Karen Nolte
Commissioner Daniel Stauner
1. Call to order
2. Roll call
3. Approval of regular meeting minutes of May 27,2008
4. Resolution approving an amended and restated interim agreement between Ryan
Companies, Inc. and the Ne\v Hope Economic Development Authority for the
potential redevelopment of city center (improvement project no. 842)
:J. Adjournment
EDA Minutes
Regular Meeting
CALL TO ORDER
ROLL CALL
APPROVE MINUTES
IMP. PROJECT 844
Item 4
IMP.
Item 5
836
EDA Meeting
Page 1
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, :MINNESOTA 55428
May 27, 2008
City Hall
President Opem called the meeting of the Economic Development Authority
to order at 8:50 p.m.
Present:
Martin Opem Sr., President
John Elder, Commissioner
Andy Hoffe, Commissioner
Karen Nolte, Commissioner
Daniel Stauner, Commissioner
Staff Present:
Kirk McDonald, City Manager
Curtis Jacobsen, Director of Community Development
Valerie Leone, City Clerk
Steve Sondrall, City Attorney
Motion was made by Commissioner Nolte, seconded by President Opem, to
approve the Regular Meeting Minutes of April 28, 2008. Voting in favor:
Opem, Hoffe, Nolte, Stauner; Voting against: None; Abstained: Elder; Absent:
None. Motion carried.
President Opem introduced for discussion Item 4, Resolution approving BCD
Holdings, LLC/Holiday StationStore loan documents for the redevelopment
of 7180 42nd A venue North (improvement project no. 844).
President Opem reviewed the terms of the 560,000 loan includes an interest
rate of three percent over ten years and the payment for the first 18 months
will be deferred.
The EDA expressed concerns regarding the mortgage subordination
agreement which requires the city to subordinate its lien to future liens
against the property. Council Member StaUller recommended the document
be revised to specify the debt the city's loan would subordinate. Mr. Steve
Sondrall, city attorney, pointed out that he has requested the follo-wing
information from Chuck Durand: title evidence that BCD Holdings is the fee
owner of the mortgaged property, documentation that BCD Holdings has at
least $60,000 of equity in the property, and that Chuck Durand personally
guarantees the loan.
The EDA directed the city attornev to revise the loan documents for
consideration at the EDA meeting June 9f 2008.
President Opem introduced for discussion Item :Jf
demolition contract for the Bass Lake Road
Resolution avvarding
Apartment complex
:May 27, 2008
EDA RESOLUTION
08-08
Item 5
ADJOURNMENT
EDA Meeting
Page 2
(improvement project no. 836).
Mr. Kirk McDonald, city manager, stated the low bid for demolition of the
Bass Lake Road Apartments complex was submitted by Sauter & Sons for
$98,100 plus an $8,000 per building burn deduct. He reported on the favorable
bid as the estimate was $150,000 ($30,000 per building).
Mr. Curtis Jacobsen, community development director, reported that he
checked the contractor's references and other cities were complimentary or
Sauter & Sons' performance.
Commissioner Nolte introduced the following resolution and moved its
adoption: "RESOLUTION AWARDING DEMOLITION CONTRACT FOR
THE BASS LAKE ROAD APARTMENT COMPLEX (IMPROVEMENT
PROJECT NO. 836)." The motion for the adoption of the foregoing resolution
\vas seconded by Commissioner Elder, and upon vote being taken thereon,
the following voted in favor thereof: Opem, Elder, Hoffe, Nolte, Stauner; and
the rollowing voted against the same: None; Abstained: None; Absent: None;
whereupon the resolution was declared duly passed and adopted, signed by
the president which \vas attested to by the executive director.
Motion was made by Commissioner Nolte, seconded by Commissioner
StaUller, to adjourn the meeting. All present voted in favor. Motion carried.
TIle New Hope EDA adjourned at 9:09 p.m.
Respectfully submitted,
~~
Valerie Leone, City Clerk
May 27, 2008
EDA
Request for Action
Originating Department
Approved for Agenda
Agenda Section
Community Development
June 23, 2008
EDA
Item No.
By: Curtis Jacobsen, Director of CD By: Kirk McDonald, City Manager 4
Resolution approving an amended and restated interim agreement between Ryan Companies, Ine., and the
Ne\v Hope Economic Development Authority for the potential redevelopment of City Center (improvement
ro'ect no. 842)
Requested Action
Staff, Ryan Companies and Krass Monroe request to provide an update on the City Center project and request
approval of the attached amended and restated interim agreement between Ryan Companies, Inc., and the
Hew Hope Economic Development Authority for the potential redevelopment of City Center.
Policy/Past Practice
It is a past practice of staff to coordinate updates to the Authority for projects on an ongoing basis.
Additionally, it is also a past practice to amend and restate agreements from time to time to more accurately
reflect the progress and details of the project.
Background
TI1e COUl1cil met in a special work session on May 29 for an informal update on the progress being made to
comply with the timeline in the interim agreement. C01mcil consensus \^las that they favored an extension to
the interim agreement to continue looking at the feasibility of the City Center redevelopment.
Funding
FUl1ding for the financial consultant during the interim analysis steps are shared 50/50 vvith the developer
with the city share being paid with EDA funds. TI1e developer is responsible for all costs they incur for their
consultants.
Attachment(s)
ED Resolution
ED Redlined version of amended and restated interim agreement
@ Amended and restated interim agreement
Second by
l'vlotion bv
To:
A \PLANNING\PLANNING\ Cit; Center amended ao-reement 6-23-0S.doc
City of Nevv Hope
EDA Resolution 2008-_
Resolution approving an amended and restated
interim agreement between Ryan Companies, Inc., and
the New Hope Economic Development Authority
for the potential redevelopment of City Center
(improvement project no. 842)
WHEREAS, Ryan Companies US, Inc., and city staff have been working on
completing the steps identified in the interim agreement entered
into on January 28, 2008, regarding the possible redevelopment of
City Center; and
WHEREAS, on May 29, 2008, staff and Ryan Companies made a presentation to
the City Council during a work session; and
WHEREAS, during the May meeting the consensus of the COUl1Cil was to authorized
staff to negotiate an amended interim agreement with Ryan Companies;
and
WHEREAS, Ryan Companies and staff have reached tentative agreement on
the details of said amended and restated interim agreement.
NOW, THEREFORE, BE IT RESOLVED, by the Economic Development Authority
in and for the city of New Hope, Mumesota as follows:
1. TI1at said agreement is adopted in its scope and tunelu1es.
2. The President and the Executive Director of the Economic
Development Authority U1 and for the city of New Hope are hereby
authorized and directed to enter U1tO said agreement.
Adopted by the Economic Development Authority of the city of New Hope, Helmepu1
County, Minnesota, this 23rd day of JUl1e 2008.
President
Attest:
Executive Director
6-_-08
AIVIENDED AND RESTATED
INTERIM AGREEMENT
This AMENDED AND RESTATED INTERIM AGREEMENl entered into effective the
~?_lA A~ y. _ ()X~l_~~ ~2 _ _~Q9_~ 2 _ _~X _ !l:l!_q _ E~~~~_~~ _ !h~_ _J?:_~~~_()~! ~_ P~_-Y~~()J?~~!l!_ A l}_t_~~~!Y. _ !~_ _ ~!l~ _ f~~ _ ~~~_ _, _' - - - { Deleted: 28th
City of New Hope, Minnesota, a Minnesota public body corporate and politic (the "Authority") - --i Deleted: January
and Ryan Companies US, Inc., a Minnesota corporation (the "Redeveloper").
WHEREAS, the City Center site (the "Site") consists of approximately 51.7 acres of
land, mainly surrounding the intersection of 'Winnetka and 42nd Avenues with 31 acres in the
northwest quadrant, 4.4 acres in the northeast quadrant, 15 plus acres in the southeast quadrant,
one half acre on the southwest quadrant and an additional 1.1 acres in the northwest quadrant of
42nd and Xylon Avenues; and
WHEREAS, the Authority desires for the Site to be redeveloped primarily as a
commercial site with a smaller segment of mixed use or multi-family residential development;
and
WHEREAS, the Redeveloper is proposing a redevelopment (the "Project") for the Site
and has requested that the Authority negotiate exclusively with the Redeveloper while the
Project is being studied.
WHEREAS, the Redeveloper has initially suggested a first phase ("Phase 1") that
includes approximately 32.36 acres located in the northwest, northeast and southeast quadrants
of 'Winnetka and 42nd A venues; and
WHEREAS, the Authority is willing to negotiate exclusively with the Redeveloper until
August 11,.2009,pr()vid~dthat deadlines f()rcertain milestones describ~d belo\~are m~t.
NOW, THEREFORE, in consideration of the premises and mutual obligations of the
parties contained herein, each of them does hereby agree as follows:
l. Interim Nature of Agreement. The Authority and the Redeveloper agree that this
Agreement is intended to be preliminary in nature. Before the Autholity and the
Redeveloper can make a decision on whether to proceed with the Project, it will be
necessary to assemble and consider inf01111ation relating to the economics, site assembly,
phasing, environmental remediation and other aspects of the Project. The purpose of this
Agreement is to allow the Redeveloper an opportunity to assemble such inf01111ation, to
prepare a preliminary concept plan and to negotiate with the Authority conceming the
approval of a tenTI sheet (the "Tem1 Sheet") with a view to eventual execution of a
contract for plivate redevelopment (the "Redevelopment Agreement") which will set
forth the lights and responsibilities of the Authority and the Redeveloper with respect to
the Project.
2. Agreements of the Authoritv.
(a) The Authority agrees to cooperate with the Redeveloper in the Redeveloper's
undertakings and agrees that during the term of this Agreement the Authority will
not negotiate with any third party in connection with redevelopment ofthe Site.
(b) The Authority will negotiate with the Redeveloper in good faith, including
examining options for acquisition, relocation, public improvements, demolition,
infrastructure improvements, and the creation of a tax increment financing
("TIT") district or districts for the Project area.
(c) The Authority will provide to the Redeveloper all of the following which the
Authority has in its possession and which relate to the Site: market analyses,
blight reports, surveys, soil, engineering, and geotechnical reports, previous
concept plans and estimates of environmental remediation and soils correction
costs.
3. Undertakings of the Parties.
(a) By February 15, 2008, the Authority and its redevelopment counsel will
determine, on a preliminary basis, whether the parcels in Phase 1 qualify for
inclusion in a new redevelopment TIT district and will share their findings with
the Redeveloper.
(b) On an ongoing basis, the Redeveloper will review such findings and the reports
and other materials provided by the Authority on an as-needed basis. The
Redeveloper and Authority will identify additional issues and concems.
(c) By March 24, 2008, the Redeveloper will, in consultation with the Authority and
the City, develop a preliminary concept plan. The Redeveloper will provide
infOIIDation requested by the Authority's redevelopment counsel in order to
perfOIID a TIT revenue analysis, including the projected product types, taxable
value and completion dates of the new or renovated buildings to be constructed in
Phase 1.
(d) By April 21, 2008, the AuthOlity's redevelopment counsel will complete its
ini tial analysis of projected TIT revenues from Phase.,J/~__(111e__s_oLltIle,lSI__a!1d__ / Deleted: s
1l0nheaSl ouaclrams) and and the Redeveloper and
the Authority will jointly determine \vhether either or both of Phases lA and 1B
are financially feasible, given the amount of TIF or other Autholity assistance
potentially available to the Project.
Coullcil for the work session referenced in subDaragnmh (h) below.
(e) On 28, 2008, the Redeveloper and City staff \vill present the preliminary
concept plan and their findings as to financial feasibility to the Board of the
Authority.
2
parcels in the southeast quadrant for inclusion in a redevelopment tax increment
district and will review the impact of relocatinl2 the school district's facilities
,vi thin the City (with such propel1v then becoming tax-exempt) and its impact on
rhe City's cash now.
(g)
Bv Julv 3 1. 2008. the City Council will hold another work session 10 assess the+
narties' progress in im111ementing the undertakings contained in this Agreement.
(h)
After Julv 31. 2008. City Council mav request rhat the Redeveloper host
communirv (men house with the assistance of City staff to present the preliminary
concept plan for Phase 1 and solicit feedback from City residents. Before the
open house. neither the Authorirv nor the Redeveloper will make any community
presentation relating to the Project.
(j')
The AuthOlitv will approve and certify a redevelopment tax increment distlict for+..
the p3rcels in the southeasr quadrant bv December 31. 2008 if the apPTOPliate
findings can be made. The Authoritv and RedeveloDer will iointly desi2:nate the
first Veal' in which t3X increment ,vill be collected. The City ,vill attemPt to work
\vith Hennepin Countv in establishin2: the market value of the schoo! distlict
Darcels. The Authoritv will also aDprove a hazardous substance subdistrict within
the district if eligible costs exist and for such period of time and for such parcels
as pel1llitted bv statute.
(i)
Before termin3tion of this Al<'TeeJ1lent. the Rede\ elopel \\"]11 have entered lntO+-
bindin!2: contraciLlal arral12:ements to relocate the school district's facilities to
another location either inside or outside the Citv.
(Ll
The Redeveloper will continue to work with the City to refine its redeveloDmem+
plans for all P3rts of Ph3ses I A and I B. and the City and RedeveloDer will
continue to work together to refine the TIF revenue an3lvses for Phases lA and 18
in al1 effort to make all DartS of those Phases tinanciallv feasible.
Droiect feasibilit\:,.
10. at a minimum. the soutbeast Quadrant.
ResDonsibilitv for Costs and Redeveloper Deposit.
(a) During the teml of this Agreement, the AuthOlity or the City shall be responsible
for fees and costs of its planning and engineering consultants and the City
Attomey (except as set forth in subparagraph (b)(3) below).
o
.)
Deleted: <#>lfthe Authority so elects
following the presentation on April 28,
then hBy June 14
2008, the Redeveloper shall host a
conununit), open house with the
assistance of City stan to present the
preliminary concept plan for Phase 1 and
solicit feedback from City residents.
Before the open house. neither the
Authority nor the Redeveloper will make
any conununity presentation relating to
the Project.llJ
'T
<#>The parties \\111 then determine a
timetable for negotiation and execution of
a Contract for Private Redevelopment for
I.
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Forma"ed: Bullets and
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FOimaL~ed: Builets and
(b) The Redeveloper shall be responsible for:
(1) fees and costs of its counsel and consultants,
(2) the cost of any additional market studies, environmental analyses, soil
borings, or surveys performed by the Redeveloper, and
(3) one-half (1/2) of the fees incuned after the date of this Agreement by the
Authority's redevelopment counsel relating to TIF district qualification
and creation, financial feasibility analysis of the Project and drafting and
negotiation of the Redevelopment Agreement and related documents.
(c)
J).~. ~~~.~Y.~! ~P.~~.J~ ~? J!?~ ~.~.~. ~~J?~?i!. ~t?l~, 9.Q.Q: 9g.!~ .~.~. ~J!Rl~~~ .~)'. !~~. 6-.l! !~~~~... ' ,.,
to reimburse costs and fees incuned by the Authority for which the Redeveloper '.
is responsible under Paragraph 4(b)(3). The Redeveloper shall replenish this
deposit when the balance falls below S I ,000.00 upon request by the Authority.
(d) In accordance \vith City policy, the Redeveloper will pay all normal and
customary City fees associated with the plan review and approval process.
"J1 Deleted: Upon execution of this
;-.~~~-=-~~~~"~-"-~..._..._-_..._.
'i Deleted: shall make
5. Tent1 of Agreement. This Agreement shall be binding upon the parties until August 11,
..2009). !-!!1.l~?~. !~.r:n!i~~,t.~~__ ?~().1]~~.ty. .~J:1.e..h'.l!!h().Ij.tyJ()T__~J:1~. ~~d,e.Y:~!~P.e.!')J~.iJ.l!T~ .!(). .!i.l!l.e.ly.. . .,' Deleted: 2008
comply with any of the deadlines set forth in Paragraph 3 or by mutual agreement of the
parties.
6. Citv and Authoritv Use of Work Product. If the Redeveloper decides not to proceed with
redevelopment ofthe Site, the Redeveloper shall make available at no cost to the City and
the Authority for their unrestricted use all available non-proprietary work product,
including market analyses, soil and engineering reports, geotechnical reports,
construction budgets and other documentation produced specifically for the Site.
IN W1TNESS \\TIIEREOF, the parties have caused this Agreement to be duly executed in
each of their names as of the date first above wlitten.
ECONOMIC DEVELOPMENT AUTHORITY
IN ANTI FOR THE CITY OF NEW HOPE, rvIINNcSOTA
By:
President
By:
Executive Director
RYAN COMPANIES US, INC.
By:
Its:
"! ~eleted: ~
--:.
KJvl: 4811-3029-4530, v. I
5
June _,2008
Al"WENDED AND RESTATED
INTERIM AGREEMENT
This AMENDED AND RESTATED INTERIM AGREEMENT entered into effective the
23rd day of June, 2008, by and between the Economic Development Authority in and for the
City of New Hope, Minnesota, a Minnesota public body corporate and politic (the "Authority")
and Ryan Companies US, Inc., a Minnesota corporation (the "Redeveloper").
WHEREAS, the City Center site (the "Site") consists of approximately 51.7 acres of
land, mainly surrounding the intersection of Willl1etka and 42nd Avenues with 31 acres in the
northwest quadrant, 4.4 acres in the northeast quadrant, 15 plus acres in the southeast quadrant,
one half acre on the southwest quadrant and an additional 1.1 acres in the northwest quadrant of
42nd and Xylon Avenues; and
\VHEREAS, the AuthOlity desires for the Site to be redeveloped primarily as a
conll11ercial site with a smaller segment of mixed use or multi-family residential development;
and
\VHEREAS, the Redeveloper is proposing a redevelopment (the "Project") for the Site
and has requested that the Authority negotiate exclusively with the Redeveloper while the
Project is being studied.
WHEREAS, the Redeveloper has initially suggested a first phase ("Phase I") that
includes approximately 32.36 acres located in the nOlihwest, nOliheast and southeast quadrants
of \Virll1etka and 42nd Avenues; and
\\THEREAS, the Authority is \villing to negotiate exclusively with the Redeveloper until
:1 2009, pro\iided tllat deadli11es for celiail1111ilestollesdescribed belo\v are l11et.
NO\V, THEREFORE, in consideration of the premises and mutual obligations of the
pariies contained herein, each of them does hereby agree as follows:
1. Intelim Nature of Agreement. The Autholity and the Redeveloper agree that this
Agreement is intended to be preliminary in nature. Before the Authority and the
Redeveloper can make a decision on whether to proceed with the Proj ect, it \vill be
necessary to assemble and consider infonnation relating to the economics, site assembly,
phasing, environmental remediation and other aspects of the Proj ect. The purpose of this
Agreement is to allow the Redeveloper an oppOliunity to assemble such infomlation, to
prepare a preliminary concept plan and to negotiate \vith the Authority conceming the
approval of a teml sheet (the "Teml Sheet") with a view to eventual execution of a
contract for private redevelopment (the "Redevelopment Agreement") which will set
forth the rights and responsibilities of the Authority and the Redeveloper with respect to
the Proj ect.
2. Agreements of the Authoritv.
(a) The Authority agrees to cooperate with the Redeveloper in the Redeveloper's
undertakings and agrees that during the tenn of this Agreement the Authority will
not negotiate v'lith any third party in connection with redevelopment of the Site.
(b) The Authority will negotiate with the Redeveloper in good faith, including
examining options for acquisition, relocation, public improvements, demolition,
infrastructure improvements, and the creation of a tax increment financing
("TIF") district or districts for the Project area.
(c) The Authority will provide to the Redeveloper all of the following which the
Authority has in its possession and which relate to the Site: market analyses,
blight repOlis, surveys, soil, engineering, and geotechnical reports, previous
concept plans and estimates of environmental remediation and soils correction
costs.
3. Undeliakings of the Pmiies.
(a) By February 15, 2008, the Authority and its redevelopment counsel will
determine, on a preliminary basis, whether the parcels in Phase 1 qualify for
inclusion in a new redevelopment TIF district and will share their findings with
the Redeveloper.
(b) On an ongoing basis, the Redeveloper will review such findings and the reports
and other materials provided by the AuthOlity on an as-needed basis. The
Redeveloper and Authority will identify additional issues and concems.
(c) By 2008, the Redeveloper will, in consultation with the AuthOlity and
the City, develop a preliminary concept plan. The Redeveloper will provide
info1111ation requested by the Authority's redevelopment counsel in order to
perf 01111 a TIF revenue analysis, including the projected product types, taxable
value and completion dates of the new or renovated buildings to be constructed in
Phase 1.
(d) By 2008, the AuthOlity's redevelopment counsel will complete its
initial analysis of projected TIt revenues fi..om Phase lA (the southeast and
northeast quadrants) and Phase IB (Winnetka Center) and the Redeveloper and
the AuthOlity will jointly dete1111ine whether either or both of Phases 1A and IE
are financially feasible, given the amount of TIF or other AuthOlity assistance
potentially available to the Project. An updated analysis will be provided to the
Council for the vvork session referenced in subparagraph (h) below.
2
( e) On April 28, 2008, the Redeveloper and City staff will present the preliminary
concept plan and their findings as to financial feasibility to the Board of the
Authority.
(f) By July 31,2008, the Authority \vill complete its analysis of the suitability of the
parcels in the southeast quadrant for inclusion in a redevelopment tax increment
district and will review the impact of relocating the school district's facilities
within the City (with such property then becoming tax-exempt) and its impact on
the City's cash flow.
(g) By July 31, 2008, the City Council will hold another work session to assess the
parties' progress in implementing the undeliakings contained in this Agreement.
(h) After July 31, 2008, City Council may request that the Redeveloper host a
community open house with the assistance of City staff to present the preliminary
concept plan for Phase 1 and solicit feedback from City residents. Before the
open house, neither the Authority nor the Redeveloper \vill make any conmmnity
presentation relating to the Project.
(i) The Authority will approve and ceriify a redevelopment tax increment district for
the parcels in the southeast quadrant by December 31, 2008 if the appropriate
findings can be made. The Authority and Redeveloper will jointly designate the
first year in which tax increment will be collected. The City will attempt to work
with Hennepin County in establishing the market value of the school district
parcels. The Authority will also approve a hazardous substance subdistrict within
the district if eligible costs exist and for such period of time and for such parcels
as pemlitted by statute.
U) Before tel111ination of this Agreement, the Redeveloper will have entered into
binding contractual arrangements to relocate the school district's facilities to
another location either inside or outside the City.
(k) The Redeveloper will continue to viork with the City to refine its redevelopment
plans for all parts of Phases lA and 1B, and the City and Redeveloper will
continue to work together to refine the TIP revenue analyses for Phases IA and ill
in an effOli to make all paris of those Phases financially feasible.
(1) The City arld Authority will pursue state and regional grant funding to assist in
project feasibility.
(m) If all of the proceeding steps have occurred to the City's and Redeveloper's
satisfaction, the City and Redeveloper shall enter into a Contract for Private
Redevelopment by the tenllination of this Agreement, which contract shall relate
to, at a minimum, the southeast quadrant.
4. Responsibilitv for Costs and Redeveloper DeDosit.
..,
,j
(a) During the term of this Agreement, the Authority or the City shall be responsible
for fees and costs of its planning and engineering consultants and the City
Attorney (except as set forth in subparagraph (b )(3 ) below).
(b) The Redeveloper shall be responsible for:
(1) fees and costs of its counsel and consultants,
(2) the cost of any additional market studies, environmental analyses, soil
borings, or surveys performed by the Redeveloper, and
(3) one-half (112) of the fees incurred after the date of this Agreement by the
Authority's redevelopment counsel relating to TIP district qualification
and creation, financial feasibility analysis of the Project and drafting and
negotiation of the Redevelopment Agreement and related documents.
(c) The Redeveloper has made a deposit of $15,000.00 to be applied by the Authority
to reimburse costs and fees incurred by the Authority for which the Redeveloper
is responsible under Paragraph 4(b )(3). The Redeveloper shall replenish this
deposit when the balance falls below $1,000.00 upon request by the Authority.
(d) In accordance with City policy, the Redeveloper will pay all normal and
customary City fees associated with the plan revie\v and approval process.
). Tern1 of Agreement. This Agreement shall be binding upon the parties until August 11,
2009, unless tem1inated sooner by the Authority for the Redeveloper's failure to timely
comply with any of the deadlines set f01ih in Paragraph 3 or by mutual agreement of the
parties.
6. Citv and Authority Use of Work Product. If the Redeveloper decides 110t to proceed \'lith
redevelopment of the Site, the Redeveloper shall make available at no cost to the City and
the Authority for their unrestricted use all available non-proplietary work product,
including market analyses, soil and engineering reports, geotechnical rep01is,
construction budgets and other documentation produced specifically for the Site.
4
IN VVITI\TESS VVHEREOF, the parties have caused this Agreement to be duly executed in
each oftheir names as of the date fIrst above \vritten.
ECONOMIC DEVELOPMENT AUTHORlTY
IN Al\TD FOR THE CITY OF NEW HOPE, Mll\Tl\TESOT A
By:
President
By:
Executive Director
RYA.l~ COMP A.NIES US, INe.
By:
Its:
KJv!: 4811-3029-4530, v. 1
5