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FALCON HEIGHTS CITY COUNCIL MINUTES June 11, 2003 -8- Consideration of the Development Agreements for the SE Corner Redevelopment Project• Council member Lamb asked what the current schedule looks like. Mr. George Sherman said the City has been seeing him for about two and a half years. This has been a complicated project. For the first 12-14 months there were many community meetings. He has raised about $35 million in debt equity. During the last nine months he has submitted a PUD to the City and completed working drawings, which have been bid out. There were twenty-five different tenants and by May 30, all were relocated, except one. This evening he is asking the City Council to approve the development agreements. He has been talking with Dino's for about two years. Dino's wants a freestanding restaurant, so construction of a new Dino's on the existing Embers' site will begin around July 10, with construction completion scheduled for mid-October. Asbestos removal in the old building will begin around August 1 and be completed by September 1. Demolition will start around September 5 and take about 30 days, with construction of the new buildings beginning around October 15. Tremendous response has been • received from a variety of funding sources. The MHFA (Minnesota Housing Finance Agency) looks at this project as a cornerstone. HUD is looking at it very favorably. People have their names on waiting lists for the apartments and townhomes. Mr. Thomas Lagason, Chair of the Planning Commission, asked what is happening with Pizza Hut. Mr. Sherman said they were offered relocation in the new building and they turned the offer down because they want a drive through. They do not own the property but they have a lease on the building. His firm is working with them on identifying other potential sites. Mayor Gehrz thanked Mr. Sherman for all of the creative work. A lot of obstacles and changes were overcome to get to this point. Mayor Gehrz asked Attorney Knutson about the indemnification paragraphs in the agreements and the references to servants. Attorney Knutson explained that refers to anyone working for the City. It is old language, but traditional, and means that everyone is covered. In response to a question from Mayor Gehrz about the revised agreements, Attorney Knutson said that nothing was added to them-only deletions were made. Lamb moved approval of the development agreements outlined below. The motion was unanimously approved. * FALCON HEIGHTS TOWN SQUARE LIMITED PARTNERSHIP -Multi-Family * TOWN SQUARE SENIOR APARTMENTS LLC -Senior * TOWNHOMES AT TOWN SQUARE LLC - Townhomes 8