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Amendment to Second ENA with Caribou <br />April 21, 2020 <br />Page 2 <br />Progress to Date: <br />City staff has provided Caribou with development review comments and has begun discussions on <br />how to structure a financing deal for the project. Caribou's architect is currently revising plans to <br />comply with the comments received from the City. <br />Staff is also in the process of finalizing a Disposition and Development Agreement (DDA) with <br />updated transaction terms for City Council approval. The DDA will further describe the final terms <br />of the transaction, including a schedule of completion with milestones for the developer to achieve. <br />The City will not convey the site until the developer has met all obligations defined in the DDA, <br />obtained all approved permits and entitlements, and provided proof of financing for construction of <br />the project. <br />It is anticipated that both the DDA and the entitlement approval will be presented together to City <br />Council in the Summer/Fall of 2020. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #3 - Economic Development, Objective #5 <br />(leverage private investment that results in tax base expansion and job creation citywide), Strategy <br />A (identify and market underutilized properties for new development that will create new jobs and <br />expand the City's tax base). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Exhibit: 1. First Amendment to Second ENA <br />25A-2 <br />