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• FALCON HEIGHTS CITY COUNCIL MINUTES -2- Apri123, 2003 PUBLIC HEARINGS: Consider Approval of a Business Subsidy Agreement with Town Square Apartments LLC Falcon Heights Town Square Limited Partnership and Town Square LLC (continued) Mr. Mark Ruff, Ehlers and Associates, said that could be put into the agreement but the developer might not want to agree to that because of financing. The developer might say that 25 years is too long. Attorney Knutson said that if the commercial space is not successful during the five-year subsidy period, neither the City nor the developer is going to want that space left vacant for the life of the TIF District. Council member Kuettel asked about the ability of the City or the developer to call the agreement. Attorney Knutson said the agreement does not preclude the City or the developer from calling the agreement anytime they want. Mayor Gehrz said this is the first time the City Council has been asked to approve something that contains different names. When they structure a business relationship like this, they are breaking • it into pieces for financing purposes. Does any of this structure prevent the City from being able to protect the interests of the City? Attorney Knutson said that this is a "pay as you go" district. If any of the City's ordinances are violated, it doesn't matter who controls it. The City relies upon the letters of credit. Kuettel moved that the business subsidy agreement with Town Square Apartments LLC, Falcon Heights Town Square Limited Partnership and Town Square LLC be approved as presented. The motion was unanimously approved. CONSENT AGENDA: Mayor Gehrz asked that Consent Agenda Item F4: City Administrator Compensation Increase, be tabled this evening and continued to the May 14, 2003 Council meeting because she has not had an opportunity to discuss this item with Council member Lindstrom. Talbot moved approval of the Consent Agenda, as amended and outlined below. The motion was unanimously approved. 1. General Disbursements through April 17, 2003 in the Amount o£ $108,111.77 Payroll (4/1/03-4/15/03) $ 11,263.43 • 2. Licenses -The Council, to encourage residents to patronize local businesses, read aloud the names of the most current businesses renewing their licenses for 2003.