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Approve Amendment to the Exclusive Negotiation Agreement with Caribou Industries for the <br />Third Street & Broadway Development Project <br />July 5, 2017 <br />Page 2 <br />At this time, Developer is requesting a 60 -day extension of the ENA period in order to continue <br />discussions. Approval of the 60 -day extension will set the ENA negotiation period to expire on <br />August 25, 2017. Staff recommends the 60 -day extension of the ENA period with an option of <br />extending the ENA term for an additional sixty days pending the City Manager's approval (see <br />Exhibit 1). <br />During the extension period, staff will engage Kosmont Companies, a financial advisory and <br />economic development services firm, to conduct a financial feasibility analysis for the Project. <br />The financial feasibility analysis is expected to be completed in 30 -days following the receipt of <br />financials and information from the Developer. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 - Economic Development, <br />Objective #5 (Leverage private investment that results in tax base expansion and job creation <br />citywide), Strategy A (Identify and market underutilized properties for new development that will <br />create new jobs and expand the City's tax base). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action at this time. <br />V <br />Candida Neal <br />Acting Executive D r for <br />Planning and Building Agency <br />SM:rb <br />rb\reports\sm\3`tland BroadwayU pdate. CC.7. 5.17 <br />EXHIBIT: 1. First Amendment to ENA <br />25E-2 <br />