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DEVELOPMENT AGREEMENT CONCERNS: <br />Given the constant plan evolution and staff work -load, the <br />neighbors have discovered a number of issues/problems with <br />the development agreement. The development agreement <br />along with legal objections made by the Association's attorney <br />and other attorneys who objected should be evaluated during a <br />one -month. deferral. <br />The City Attorney and Planning Director should be given an <br />opportunity to clean up a number of problems/ambiguities in <br />the document and staff would have an opportunity to obtain <br />meaningful concessions for the City that appear to have been <br />overlooked. A summary of major and minor <br />deficiencies/problems with the development agreement <br />follows. Issues perceived as major or where the City is not <br />receiving a fair deal have been highlighted in bold. <br />Section 2.2: The agreement is with the ownership. However, the <br />present lender has a senior real property interest. Therefore, the <br />City should consider having the lender subordinate its interest in <br />the property (agree to comply with the agreement). <br />***Section 2.4/2.4.1: The term of the agreement is 4 years from <br />adoption of the ordinance. The City Manager may agree to two <br />(2) additional one (1) year extensions. Unclear if the developer is <br />required to pay $50,000 per one (1) year extension or $100,000 <br />in total. The amount for an extension is unreasonable and <br />should be increased commensurate with the actual loss of <br />