07-09-2003 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL JULY 9, 2003 The foregoing resolution was duly seconded by LaValle. Ayes (4) Fahey, Blesener, Anderson, LaValle. Nays (0). Resolution declared adopted. Mr. Blesener introduced the following resolution and moved its adoption: RESOI UTION NO. 2003-7-11- ADJO URNING AS THE ECONOMIC DEVELOPMENT AUTHORITYAND RECONVENING THE REGULAR CITYCOUNCII. MEETING The foregoing resolution was duly seconded by Fahey. Ayes (5) Blesener, LaValle, Fahey, Anderson. Nays (0). Resolution declared adopted. PUBLIC Mayor Fahey opened the continued Public Hearing to consider the Final HEARING - Plat and the Final Stage PUD for The Villa's at Little Canada, a townhome FINAL PLAT development proposed by Sherman Associates. & FINAL STAGE PUD - The City Administrator reported that Mr. Sherman has made the modify- THE VILLA'S cations to the townhome plan as directed at the last Council meeting. He also noted that the number of townhomes proposed is now at 44 or 45. The Administrator anticipated that the development agreement for this project would be presented to the Council at its next meeting. He also reported that even with the reduction in the number of units, the project works from a financial perspective although marginally. The Administrator further indicated that for the office/retail project on the north side of Little Canada Road, Mr. Sherman has agreed to provide the City with a $350,000 letter of credit that will be refunded in phases as the buildings are constructed. Sherman has indicated his willingness to release the Market Place parcels if there is another developer interested in the property. The Administrator also reported that US bank may come back into the project, and Sherman stated that he was agreeable to modifying the development agreement if that occurs. There was no one present from the general public wishing to comment on this matter. Upon motion by Blesener, seconded by Fahey, the public hearing was closed. 13