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Exclusive Negotiation Agreement and Reimbursement Agreement with Caribou Industries Inc. for the <br />Third and Broadway Development Project <br />March 21, 2017 <br />Page 2 <br />Subsequently, staff identified the qualifying criteria for Caribou Industries Inc. to be selected as the <br />developer for the Third and Broadway site. One of the qualifying criteria for the selected developer is <br />the submittal of audited financial statements to assess the developer's ability to complete and deliver <br />the proposed project on time and on budget. The submittal of the audited financial statements is an <br />important component of the review process and as such included as an element to be completed <br />within the Proposed Scope of the Project (Exhibit 1). <br />In 2016, an Ad Hoc Committee was created to review and recommend actions, related to the Third <br />and Broadway Development Project, including the terms of the ENA that the City and Caribou <br />Industries Inc. will enter into. (See Exhibit 2). <br />Staff recommends City Council approval of this item and all related exhibits. Per Council direction, <br />staff will attempt to complete the items listed in the Proposed Scope of the Project and ENA process <br />in 90 days. However, given the complexity of this item, staff may have a need to request a time <br />extension at a later date. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 - Economic Development, Objective <br />#5 (Leverage private investment that results in tax base expansion and job creation citywide), <br />Strategy A (Identify and market underutilized properties for new development that will create new jobs <br />and expand the City's tax base). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. However, future items requiring fiscal impact <br />approval will be brought forward for City Council consideration. <br />Hassan Ha0ani, AltP <br />Executive Director <br />Planning & Building Agency <br />SM:rb <br />Rb \sm \reports \3rd & Broadway — RFCA 3 -21 -17 <br />Exhibit: 1. Proposed Scope of the Project <br />Exhibit: 2. Exclusive Negotiation Agreement <br />Exhibit: 3. Reimbursement Agreement <br />25J -2 <br />