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• FALCON HEIGHTS CITY COUNCIL MINUTES _3_ June 25, 2003 First Amendment to the Development Agreement Between the City of Falcon Heights and the Falcon Heights Town Square Limited -Multi-Family (continued) Mr. Krass asked if the TIF agreement authorizes, as a permitted expense, the reimbursement of the developer for all of his acquisition costs? Administrator Worthington said the TIF agreement does cover project acquisition costs for the developer. Mr. George Sherman, the developer, said that one of the permitted uses of TIF is property acquisition. Attorney Scott said that he would be happy to get Mr. Krass copies of all of this information. Mr. Krass said the second issue deals more with public purpose in condemnation. What is primarily public purpose? The developer has been attempting to put together a project, has been unable to do so, has asked the City to condemn property, and will reimburse the City for all costs. He hopes that the City will consider whether the primary purpose is for the people or for a developer and his particular development. If the City doesn't condemn this property, the market place and the economy will take care of that property. Mr. Sherman is required to reimburse the City for acquisition costs. What happens if a court rejects the condemnation? He talked briefly about the Walser/City of Richfield condemnation case. Mr. James Erickson, an attorney for Sky Ventures, said that he understands the City has an objective in mind. They certainly want to turn the lemon into lemonade. This isn't just another pizza location for them. It is a most profitable location. They have been working with Mr. Sherman, Administrator Worthington and Tom Scott. This is a very important piece of ground. He suggested the City Council lay the condemnation issue over for two weeks. He reiterated that they don't want to go anywhere until they have a good location. Mr. Sherman said that timing is an issue for this development project. He and the City have spent about three years working on this project. This is about a plan that the City has had for this area for about 8-10years-redevelopment of a very key part of the City. A delay won't make this a better site for the City. Timing is critical. A substantial amount of money has been raised and he has worked with a variety of tenants. At this time he is asking the City to move forward with this. He has to stay with the schedule in order to start building the project this year. Council member Lamb asked when Pizza Hut first became aware that this parcel of land was slated for redevelopment? Ms. Barbara Schneider, Vice President of Development for Sky Ventures, said that Sky Ventures purchased 91 Pizza Huts in 2000. Some time after that a letter was delivered to the restaurant manager. • 3