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MINUTES <br />CITY COUNCIL <br />DECEMBER 21, 2004 <br />The Administrator also noted that the developer has spent a good deal of <br />money toward false starts for the phase II project. <br />The Administrator reported that the developer would have different <br />mortgages on each building. Therefore, the phase I project TIF guarantees <br />will not impact the phase II project. The Administrator indicated that he <br />did not feel the City should go into a negative cash flow situation with this <br />phase II project. <br />Fahey stated that he was not in favor of giving the developer the land He <br />noted that the developer is in default as he has not met the timelines for <br />phase II. Fahey noted that the phase II building under construction is <br />smaller than the last. phase II project that was proposed, although it is <br />larger than the original requirement. Fahey indicated that he would <br />support, however, giving the developer credit for the incidental costs as <br />outlined by the City Administrator. <br />Blesener noted that under this option, the developer pays the $68,010 in <br />land costs even though $40,000 is a credit toward site preparation costs the <br />developer has incurred. <br />The Administrator indicated that the City Attorney will prepare a draft <br />development agreement which would be submitted to the Council in <br />January fa' ratification. He noted that mortgage financing may necessitate <br />further modifications and he will reporC back to the Council if conditions <br />change from today's discussion- <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />It ESOL UTION NO. 2004-12-3I9 -AUTHORIZING THE CITY <br />ATTORNEI' TO PREPARE AN AMEM)MENT TO RAI3 <br />DEVELOPMENT AGREEMF.,NT AS DISCUSSED IIIIb` EVENING <br />AND AU7HORIZING THE MAYOR AND CITYADMINISTRATOR <br />TO EXL*'C`U7E ON 13EI~ALF' OF THE CITY <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5) T'ahey, Blesener, Atlan, Montour, LaValle. <br />Nays (0). Resolution declared adopted. <br />ADJOURN Mr. Blesener introduced the following resolution and moved its adoption: <br />RF.SOI. UTION NO. 2004-12-320 -ADJOURNING <br />