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OFFICE OF ECONOMIC AND URBAN DEVELOPMENT <br /> MEMORANDLJM NO. 00-52 <br /> February 29, 2000 <br /> TO: Honorable Mayor Terry M. Howley and.City Council Members <br /> FROM: Steve Ga ty Manager <br /> A. J. Krie , A sistant City Manager <br /> RE: Amendment t Blackstone Group Development Agreement <br /> Attached to this memorandum is a resolution approving an amendment to the City's e�sting <br /> development agreement with the Blackstone Group, for the construction of a retail center located <br /> at the southeast corner of Ash Avenue and US 51. <br /> As Council may recall, the City initially entered into a development agreement with the <br /> Blackstone Group during the April 26, 1999, City Council meeting. Among the specific terms in <br /> that agreement was a requirement that the anchor stores, identified as Circuit City and Walgreen's, <br /> be open and operating by August 30, 2000, in order to receive any financial assistance from the <br /> City. <br /> The retail center's construction has been delayed primarily due to a significantly longer IDOT <br /> review and approval period than had been anticipated. The length of the review and approval <br /> period ultimately contributed to an approximately nine-month delay in the start of construction; <br /> thus the developer's request for additional time. <br /> Construction of the center has now begun, and all other requirements are expected to be met. <br /> Staff recommends approval of the resolution. <br />