Minutes - Council - 10/15/1985 - Special

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Mr. McLaughlin noted that the City does not write the developer a blank check; there will be a develo~ent agreement, emhibits and costs. Motion by Councilmember Cox and seconded by Councilwe~ber Reiwann to approve the request by M&S DeveloI~ent for financial assistance for site improvements for the Churchill Estates apartment project in an a~ount not to exceed $80,000 which include security fencing and to adopt Resolution 985-203 m~difying the Develo~ent Plan and Tax Incr~ent Financing Plan to include such site improvements as an allowable use of funds, contingent upon the developer entering into a develotz~ent agreement with the City, to be drafted by the City's bond counsel, and with the financial co~Titments to be specified by Evensen-Dodge. (Please refer to resolution file for Resolution 985-203). Further Discussion: Councilme~ber Sorteberg asked how the City will finance it's portion. Ms. Norris stated that bond counsel recommends that the City enters into an agreement with the developer whereby the City would not make payment until a year frc~ now either through receipt of increments or in conjunction with another bond sale. Mr. McLaughlin noted that Ramsey can pool it's need with those of other oc~unities in order to attain the best bond rate. Rick Foster noted that the develo~ent should generate an additional $26,000/year in taxes. Motion carried. Voting Yes: Mayor Hei~an, Councilmembers Sorteberg, COx, Reiwann and Schlueter. Voting No: None. Motion by Council~e~ber COx and seconded by Council~ember Reiwann to adjourn the special Council meeting. Motion carried. Voting Yes: Mayor Heit~an, Councilm~bers Sorteberg, COx, Reiwann and Schlueter. Voting No: None. The special Council meeting adjourned at 10:16 p.w. / / A J ~'~J~~Respectfully su~itted, ~ ........'~'~ Sylvia Frolik Secretary / / ~City Ad~inistr ator October 15, 1985 Page 3 of 3