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. CITY OF FALCON HEIGHTS COUNCIL MINUTES APRIL 23, 2003 Mayor Gehrz called the regular City Council meeting to order at 7:00 PM. PRESENT: Mayor Sue Gehrz, Council members Laura Kuettel, Robert Lamb, and Richard Talbot Also present: City Administrator Heather Worthington, City Attorney Roger Knutson and Deputy Clerk Mary Shea Kodluboy ABSENT: Council member Peter Lindstrom COMMUNITY FORUM: There was no commentary from the audience. APPROVAL OF MINUTES: The Council minutes dated Apri19, 2003 were unanimously approved as presented. PUBLIC HEARINGS: Consider Approval of a Business Subsid~Agreement with Town S uare Apartments LLC • Falcon Heights Town Square Limited Partnership and Town Square LLC Administrator Worthington said that in 2002, the City created a TIF district encompassing the two commercial parcels located on the SE Corner of Snelling and Larpenteur Avenues with the intention of providing TIF assistance to the developer of the SE Corner-Sherman and Associates. This TIF district will be a "pay as you go" district. In order to provide this subsidy, the City must have an agreement in force with the developer that spells out the conditions placed upon the parties. The agreement is required by the State of Minnesota and for audit purposes. The Public Hearing was opened to the audience for commentary. There was no commentary from the audience and the Public Hearing was closed. Council member Kuettel asked how common this type of agreement is. Attorney Knutson said that about three or four years ago, it became very common. Now you can't do this type of development without it. This is a formality, a process issue. 15,000 SF is commercial and the rest is housing. The agreement is needed for the commercial business subsidy. Council member Lamb asked how the five-year deadline relates to the TIF District itself. Attorney Knutson said the TIF District is for 25 years maximum. Council member Lamb asked why the business subsidy agreement would only last five years. Attorney Knutson said it is a statutory requirement that a deadline be specified. It prevents conversion of that space to housing during that time. Administrator Worthington said the agreement covers just the • commercial component of the development. Council member Lamb asked why the business subsidy agreement doesn't run for the term of the TIF District.