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MINU'TLS <br />CITY COUNCIL <br />MAY 14, 2003 <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />]2ESOLUTION NO. 2003-5-8 -APPROVING THE AMENDED <br />RIGHT OF' ENTRY AGREEMENT AS PRESENTED AND AS <br />MODIFIED ]3Y THE CITYATTORNEYANDRUTHORIZING THE <br />PRESIDENT AND SECRETARY TO EXECUTE TAE AGREEMENT <br />ON ]3EHALF OF THE EDA, AND ST IPUI,ATING THAT NO SA7 F.S <br />CONTRACTS CAN ]3E ENTERED INTO I3Y THE DEVELOPER FOR <br />THE TOWNFIOMES UNTIL THE DEVELOPMENT AGREEMENT <br />IS FINA] IZED <br />The foregoing resolution was duly seconded by i,aValle. <br />Ayes (5) Blesener, LaValle, Anderson, Montour, Fahey. <br />Nays (0). Resolution declared adopted. <br />Mr. Montour introduced the following resolution and moved its adoption: <br />RESOI UTION NO. 200.4-5-9 - AD.IOURNINC, Ab' THE EDA AND <br />RECONVENING TAE CITY COUNCIL. MEETING <br />The foregoing resolution was duly seconded by Anderson. <br />Ayes (5) Montour, Anderson, LaValle, Pahey, Blesener. <br />Nays (0). Resolution declared adopted. <br />The City Administrator reported that the grant application for <br />environmental clean-up has been submitted, but felt the likelihood of <br />funding approval was questionable given the City's settlement agreement <br />with the previous property owners. Ilowever, estimated cost of the clean <br />up is $85,000 versus the $200,000 initially thought. <br />The Administrator also reported that Briggs & Morgan has indicated that <br />the City can issue tax exempt debt for the townhome project, but that <br />cannot he done until the tax increment guarantee and the assessment <br />agreement lapse. The refnaucing as tax-exempt debt could result in <br />significant future savings assuming interest rates remain as they do. <br />Therefore, we will not proceed with the refunding of the $3 million in <br />taxable debt at this time, but will wait until the townhomes are completed <br />to take advantage of'savings opportunities. <br />