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Assistant Public Works Director Olson ~ePlied the City will own all of the parks. The City will <br />takc ownership of the parks when they are completed so the developer is not working on City <br />property. <br /> <br />Councilmember Elvig questioned if good specifications are included in the language regarding <br />what is considered as complete with the parks, land if staff is confident with the specifications. <br /> <br />Assistant Public Works Director Olson reSPonded in the affirmative and explained the City will <br />have to approve the plans and specifications. He noted there will be a lot of increased <br />maintenance expected in these parks. <br /> <br />Counci hnember Elvig asked if there Will be insurance on tree replacements for a certain number <br /> years. Assistant Public Works DirectOr Olson responded in the affirmative. <br /> <br />Section 17(b): <br />City Attorney Goodrich reviewed Secti°n 17(b) outlining the <br />Covenant Regarding Banking or Financial:InstitUtions Agreement. <br /> <br />Declaration <br /> <br />of Restrictive <br /> <br />Councilmember Jeffrey questioned if the restrictive covenant would restrict a small financial <br />consulting business, or just relate to banks and Commercial lending institutions. <br /> <br />City Attorney Goodrich replied the restriction would relate to major financial institutions, kiosks <br />and ATM's, <br /> <br />Mr. Fegcs indicated the size limit is 1,000 square:feet <br /> <br />Councilmember Elvig expressed Concern with· this language being included, as it appears that the <br />City is signing off on this restriction. He stated the language should not handcuff the City's <br />ab i l ity to challenge this restriction. <br /> <br />CoLmcihnember Strommen concurred. <br /> <br />Counc[hnember Cook stated the bank will~ have to sign off on this letter and this is not the right <br />time to argue about whether or not there will be another bank on the site. <br /> <br />City Attorney Goodrich suggested the following language be included to Section 17(b): <br />"No~withstanding the City does not agree with this restriction." <br /> <br />Item 20: <br />City Attorney Goodrich indicated.according t° the Option Agreement the City does not acquire <br />hmcl that can be sold. It is important to note the removal of the commercial benchmarks. <br /> <br />Assistant Public Works Director Olson eXPlained the requirements for the development of <br />housing are not changed in this agreement. <br /> <br />City Council WOrk SesSion/February 15, 2005 <br /> :page 3 !of 6 <br /> <br /> <br />