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, .r <br /> 1 , . <br /> , • COMMUNITY DEVELOPMENT MEMORANDUM <br /> NO. 96-124 <br /> July 10, 1996 <br /> TO: Honorable Mayor Terry M. Howley and City Council Members <br /> FROM: Daniel R. Sommerfeldt, Acting City Manager <br /> George C. Weaver, Community Development Director�� <br /> SUBJECT: Resolution Authorizing Development Agreement, First Site, Inc. <br /> Over the ast ear cit staff has worked closel with the President of Millikin Universit and the <br /> P Y Y Y Y <br /> university's developer to foster the revitalization of an area adjacent to the university. Over the <br /> next five years, the construction will result in new student housing and a small retail facility that <br /> will principally serve the student population. <br /> During discussions, the previous city manager made commitments to the developer and <br /> university regarding certain actions the city government would take. These financial <br /> commitments are incorporated into the current city budget. <br /> For purposes of defining responsibilities of the developer, the university, and the city, a <br /> development agreement is presented for formal council action. Staff will be present to answer <br /> any questions. <br />