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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 5, 2017 <br />TITLE: <br />APPROVE FIRST AMENDMENT TO THE <br />EXCLUSIVE NEGOTIATION AGREEMENT <br />WITH CARIBOU INDUSTRIES FOR THE <br />THIRD STREET AND BROADWAY <br />DEVELOPMENT PROJECT <br />(STRATEGIC PLAN NO. 3, 5A) <br />/uc <br />ITY MAN <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1s' Reading <br />❑ <br />Ordinance on 2ntl Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Approve First Amendment to the Exclusive Negotiation Agreement (ENA) with Caribou Industries <br />for the Third and Broadway Development which provides for a sixty (60) day extension, ending <br />August 25, 2017, with the option of extending an additional sixty (60) days pending the City <br />Manager's approval. <br />DISCUSSION <br />On March 21, 2017, the City Council authorized the City Manager and Clerk of the Council to <br />enter into an Exclusive Negotiation Agreement (ENA) and Reimbursement Agreement to be <br />executed with Caribou Industries Inc. for the Third and Broadway Development Project (Project), <br />including 29 deal points for the proposed scope of the Project, subject to non -substantive <br />changes approved by the City Manager and City Attorney. <br />On April 4, 2017, staff met with the Developer to discuss the terms of the ENA and the 29 <br />conditions of the proposed scope of said Project. The result of the meeting was that of the 29 <br />conditions of the proposed scope of the Project, both City Staff and the Developer agreed on 8 <br />conditions that were proposed. <br />On April 27, 2017, staff met with Developer and the result of the meeting was the execution of the <br />ENA and Reimbursement Agreement, which triggered the commencement of the 60 -day <br />negotiation period. On May 3, 2017, staff met with Developer to discuss the remaining conditions <br />proposed by the Developer. While some progress has been made in reaching an agreement, <br />more discussion is required before returning to the City Council. <br />The Developer requested a 60 -day extension of the ENA given that it was due to expire on June <br />26, 2017. A written request was submitted on June 19, 2017. <br />25E-1 <br />