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<br />undertake the streetscape improvements around the Municipal Center and requiring RTC, <br />LLC to pay for said improvements via its City escrow account in 2007, and to be <br />collateralized by the RTC, LLC $3,000,000 letter of credit. <br /> <br />Motion by Cou,ncilmember Elvig, seconded by Councilmember Jeffrey, to ratifY the <br />recommendationofthe Finance Committee in Case No.1 and to approve the change order for a <br />not-to-exceed amount of $215,928 and to direct the City Attorney to negotiate a second <br />amendment to the master development agreement dated September 17, 2003, with RTC, LLC <br />such that the City accepts the responsibility to undertake the streetscape improvements around <br />the Municipal Center and requiring RTC, LLC to pay for said improvements via its City escrow <br />account in 2007 and to be collateralized by the RTC, LLC $3,000,000 letter of credit. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Jeffrey, Cook, Olson, <br />Pearson, and Strommen. Voting No: None. <br /> <br />City Attorney Goodrich recommended the following motion based on the discussion of the <br />Finance Committee: <br /> <br />Motion to direct the City Attorney and City Finance Officer on behalf of the City to take <br />such actions as necessary to insure that the RTC, LLC $3,000,000 letter of credit is <br />extended for an additional one year beyond its current expiration date of September 17, <br />2006. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Cook, to ratifY the <br />recommendation of the Finance Committee in Case No.1 and to direct the City Attorney and <br />City Finance Officer on behalf of the City to take such actions as necessary to insure that the <br />RTC, LLC $3,000,000 letter of credit is extended for an additional one year beyond its current <br />expiration date of September 17, 2006. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Cook, Elvig, Jeffrey, <br />Olson, and Pearson. Voting No: None. <br /> <br />2) Authorization for Acquisition for Future Northwest Metro Corridor River <br />Crossing (Boike Properties) <br /> <br />Councilmember Strommen explained language has been included in the purchase agreement for <br />the future Northwest Metro Corridor River Crossing that states if the Buyer elects to terminate <br />this agreement and provides written notice to the Seller prior to September 30, 2006, the earnest <br />money will be retuned. After the September 30 date, the earnest money would be forfeited. The <br />other issue that was discussed was regarding Paragraph C of the Joint Powers Agreement (JPA), <br />which discusses the City and County sharing equally in costs. The Committee had a question as <br />to whether the County would share equally in the forfeitUre of the earnest money if it was at the <br />City's sole discretion to cancel the purchase. There was also an issue regarding the 10-year <br />balloon timeframe included in the JP A, while State Statute only allows a 5-year balloon <br />timeframe. The recommendation of the Finance Committee was to recommend that the City <br />Council authorize execution of a purchase agreement for acquisition of the Boike property and to <br /> <br />City Council! August 8, 2006 <br />Page 26 of29 <br /> <br />P62 <br />