11/19/97 Deal Points for Rosauers Development Agreement"Deal Points" for Rosauers' Development Agreement
Conditions Rosauers, Inc.
Comments
Purchase Price Offered
$743,311
($3.25 per square foot)
Less Deductions:
Broker Fee(frorn proceeds)
(none stated in proposal)
City Paid On -Site Improvements Requested
(none stated in proposal)
Net Sale Proceeds to City
$743,311
Ernest Money Submitted
$37,166
Proposal meet the 5% minimum required
Square Feet of Land Purchased
228,690
5.25 Acres
Land Value per Square Foot
Gross Purchase Price per sq. ft.
$3.25
Net Purchase Price per sq. ft.
$3.25
Construction Begins
09/30/99
Value of Land & Improvements
$4 Million+
No protest of property taxes based on income approach
(Year 2001 and beyond - Per Rosauers)
for a period of 10 years (same wording as Irwin Davis Agreement)
Closing Date: Transfer of Title and Development Agreement
December 23, 1997
City permitted to use ballfields until end of 1998 playing season.
Agreement to be signed by: Rosauers Supermarket, Inc.
Lary D. Geller, CEO
Candi J. McElderry, Corporate Secretary
Utility Issues
Traffic Signals
3rd Ave. East & Hwy 93 South
Paid by City
Installed by City in conjunction with Hwy 93 S. reconstruction or
Kelly Road & Hwy 93 South
Paid by City
sooner if warranted by private development. Temporary signal may
be necessary at 3rd Ave. E. intersection if development occurs prior
to highway reconstruction.
Storm Drain
Paid by Developer
City will grant easement for retention pond on City Airport property.
Size of easement to be determined by calculating all of the
drainage from the private development based on a 10 year-6 hour
storm per MDOrs Hydraulic Manual. Retention pond shall be a
minimum of 30 feet from the sanitary sewer line easement to be
established along the east property line of the City Airport. The westerly
edge of the easement shall be no closer than 150 feet to the center line of the
existing runway, with no land configuration higher than the elevation
of the runway.
(To be verified by architect and Morrison-Mariele, Tim Orthmeyer)
Sanitary Sewer (8" line per PWD specifications)
Paid by Developer
Extend the sanitary sewer line north from a new man -hole adjacent and
connecting to the existing sanitary sewer line adjacent to the southwest
comer of Daley Field. Line to be located in 30 foot wide easement, granted by
City, along the east property line of City Airport. Line shall be extended to
the north property line of Rosauers, orto that point shorter where
gravity flow requirements can no longer maintain a 3 foot cover.
Line shall terminate with a man -hole, and man -holes shall be
installed every 450 lineal feet from the southern junction to the northern terminus
Water
Paid by Developer
Available per PWD, see Offering Document for Details
Electrical
Paid by Developer
Available per Pack Power, see Offering Document for Details
Natural Gas
Paid by Developer
Available per MPC, see Offering Document for Details
Telephone
Paid by Developer
Available per PTI, see Offering Document for Details
Cable TV
Paid by Developer
Available per TCI, see Offering Document for Details
Fees, Permits, Connections (All)
Paid by Developer
jI�I�CJ•f'` ,
19-Nov-97