Laserfiche WebLink
value. The City will get a promissory note fi'om the batik and RTC. The promisso~ note can <br />actually be in the arnount of the $836,000. <br /> <br />The consensus of the Council was to require a promissol,-y note in the amount of $836,556.33, <br />signed by Community National Bank and RTC for the release of the escrow. <br /> <br />Councilmember Kurak clarified RTC will transfer the 29 acres of land, which they paid in hard <br />dollars, free and clear. <br /> <br />Mr. Lasher responded in the affirmative. <br /> <br />Councilmember Kurak expressed concern with the escrow being given away without having <br />solid collateral in return. <br /> <br />Councilmember Cook commented with the promissory note and the special assessments <br />agreements the City is in good shape. <br /> <br />Motion by Mayor Gamec, seconded by Councilmember Cook, to enter into the Developers <br />Agreement Amendment Proposal to RTC, LLC, with the amendment in para~aph two to state <br />"...Phase I and Phase II Road Improvements, and an executed promissory note in favor of the <br />City si~md by both RTC and Colrmmnity National Bank in the amount if $836,566.33." <br /> <br />Further discussion: Councihnember Elvig questioned what assurances the City has regarding the <br />4.2 million dollars in park improvements. <br /> <br />City Attorney Goodrich advised the basic park a~'eement provides for that. <br /> <br />Councilmember Stromrnen suggested a time frame be included in pm'agraphs seven and trine. <br />She stated to have these additional a~'eements with an open ended time fi'amc creates potential <br />for dragging this on. She inquired about the Protective Covenant in favor of Community <br />National Bank. <br /> <br />City Administrator Norman indicated there can be no other bank on the site without th~ <br />pem~ission of Community National Bank. This will be addressed at a later time, as staff and the <br />developer are in agreelnent that will have to change. <br /> <br />Councihnember Strommen expressed concern that this will set the tone that the City has a~eed <br />to the Protective Covenant. <br /> <br />Cotmcilmember Kurak inquired if RTC looked at all the verbiage changes in the a~'eement. <br /> <br />City Administrator Nom~an responded in the affirmative. He noted the only.change the Council <br />has made tonight is to parag[aph two and RTC had indicated they would agree to a promissory <br />note in that amount. <br /> <br />-94- <br /> <br />City Council/July 20, 2004 <br /> Page 6 of 7 <br /> <br /> <br />