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<br />FALCON HEIGHTS CITY COUNCIL MINUTES -5- <br />June 25, 2003 <br />First Amendment to the Development Agreement Between the Ciy of Falcon Heit? <br />and the Falcon Heights Town Square Limited -Multi-Family (continued) <br />In response to a request from Attorney Scott to expand a little more on the critical nature <br />of getting the project started this fall, as opposed to another point in time, Mr. Sherman <br />said the private and public financing is complicated. About $5 million has to have <br />expenses incurred before the end of this year in order for the funding to stay in place. <br />Another $6 million is required to be committed in the form of mortgage closings by the <br />end of the year. Programs work that way. He said he started working with the City in <br />2000. He had his first meeting with Pizza Hut in 2001. They met in 2002 and again <br />in 2003. He needs to commence with construction by the end of this year. Extensive <br />asbestos remediation needs to be done on the shopping center prior to demolition and <br />preparation of the building site before construction can start. <br />Mayor Gehrz said that part of this project is senior housing. There are a lot of seniors <br />• in Falcon Heights who want to get into this building. They ask frequently when <br />construction is going to start. This may not be the same kind of risk as $11 million <br />in funding, but it is urgent. <br />Kuettel moved approval of the first amendment to the development agreement between <br />the City of Falcon Heights and Falcon Heights Town Square Limited -Multi-Family. <br />The motion was unanimously approved. <br />Condemnation Resolution for: * Snelling Avenue Frontage Road -South Portion <br />* Shopping Center and Adjacent Snelling Avenue <br />Frontage Road <br />* Snelling Avenue Frontage Road -North of <br />Larpenteur (continued from the June 11, 2003 <br />Council meeting) <br />RESOLUTION 2003-11 <br />Lamb moved adoption of Resolution 2003-11, authorizing condemnation of the land, <br />outlined below, for public purposes. The motion was unanimously approved. <br />* Snelling Avenue Frontage Road -South Portion <br />* Shopping Center and Adjacent Snelling Avenue Frontage Road <br />* Snelling Avenue Frontage Road -North of Larpenteur <br />S <br />