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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 16, 2018 <br />TITLE: <br />APPROPRIATION ADJUSTMENT AND AMENDED <br />AND RESTATED EXCLUSIVE NEGOTIATION <br />AGREEMENT AND AMENDED REIMBURSEMENT <br />AGREEMENT WITH CARIBOU INDUSTRIES FOR THE <br />THIRD STREET AND BROADWAY DEVELOPMENT <br />(STRATEGIC PLAN NO. 3,5A) <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />T15-TZT*0_M <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1s' Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and the Clerk of the Council to execute an amended and <br />restated Exclusive Negotiation Agreement (ENA) (Exhibit 1) and an amended <br />Reimbursement Agreement (Exhibit 2) with Caribou Industries for the Third and Broadway <br />development, subject to non -substantive changes approved by the City Manager and City <br />Attorney. <br />2. Approve an appropriation adjustment recognizing $100,000 in Miscellaneous Revenue <br />Expense Reimbursement account (no. 01102002-57000) and appropriate the same amount <br />to the Community Development Agency's Economic Development Contract Services <br />expenditure account (no. 01118810-62300) for the reimbursement agreement with Caribou <br />Industries. <br />DISCUSSION <br />On September 16, 2014, the City Council directed the Planning and Building Agency (PBA) to <br />release a Request for Qualifications (RFQ) for the Third and Broadway Development Project. The, <br />RFQ outlined several project components desired by the City Council. Among the components of <br />the new project was a desire to include a hotel/hospitality component. Five proposals were <br />received and only the Caribou Industries Inc. proposal included a hotel. <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) with Caribou Industries for the Third and <br />Broadway project pursue negotiations. To assist with the negotiations, the City entered into a <br />contract with consultant Lisa Stipkovich to lead negotiations for the City and identify transaction <br />business terms. Since August 2017, Ms. Stipkovich and City staff have met regularly with <br />Caribou Industries to finalize the proposed project business terms. <br />20C-1 <br />