Minutes - Council - 09/22/2015 - Laserfiche WebLink

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replacement at Central Park, and the Memorandum of Understanding and Commitment agreements that identifies the roles and responsibilities for the project. Further discussion: Councilmember Kuzma stated that there was a great discussion between the Council and ARAA during the work session tonight which he believes will be beneficial in future planning. Councilmember Williams echoed the comments of Councilmember Kuzma and stated that she looks forward to the future improvements and partnership between the two groups. Motion carried. Voting Yes: Mayor Strommen, Councilmembers Shryock, LeTourneau, Kuzma, Riley, and Williams. Voting No: None. Absent: Councilmember Johns. 7.04: Consider Adopting Resolution #15-09-241 Approving Development Agreement for COR Parkview Addition and Development Permit for Parkview East, Case of PSD, LLC Community Development Director Gladhill reviewed the staff report and recommendation to adopt Resolution #15-09-241 approving the Development Agreement for COR Parkview Addition and the Development Permit for Parkview East. He stated that there have been changes to the engineer's estimate, noting that the revised estimate for the Development Agreement would be $273,218 compared to the estimate of $226,670, which was published while the changes to the Development permit be a revised estimate of $480,711 compared to the published amount of $486,940. Motion by Councilmember LeTourneau, seconded by Councilmember Kuzma, to adopt Resolution #15-09-241 approving Development Agreement for COR Parkview Addition and Development Permit for Parkview East as revised. Motion carried. Voting Yes: Mayor Strommen, Councilmembers LeTourneau, Kuzma, Riley, Shryock, and Williams. Voting No: None. Absent: Councilmember Johns. 7.05: Consider Request from PSD LLC for a Housing Subsidy Asst. City Administrator/Economic Development Manager Brama reviewed the staff report and recommendation for the Council to direct staff to draft a TIF Agreement with PSD LLC for $500,000 subsidy. Mr. Aarsvold stated that in this case there was a detailed memorandum prepared by Ehlers and included in the staff report. He stated that the memorandum provided an assessment of the pro forma and stated that the firm found that the information meets the industry standards, noting that there were some minor amendments suggested by the firm. He stated that a projected rate of return to the developer can be created from that point and they would like to see a number below 10 percent if the City is going to participate in the project. He stated that before the City assistance, the rate was 5.91 percent and after the assistance the rate is 9.21 percent which is below the 10 percent threshold and therefore found to be acceptable. City Council / September 22, 2015 Page 10 of 12