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MINUTES <br />CITY COUNCIL <br />JULY 23, 2003 <br />noted that as tenants for the various buildings become known, it may be <br />necessary to make some adjustments to the site plan. <br />Anderson asked the timing of the townhome development. Sherman <br />pointed out that the Development Agreement provides for development of <br />the townhomes in three phases. Phase I (8 units) must be 50% complete <br />by December of 2003 and finished by April of 2004. Phase II (18 units) <br />must be completed by December of 2004 and Phase III (18 units) by <br />December of 2005. Sherman indicated that it is his hope the townhome <br />project is complete quicker than the schedule provided in the Development <br />Agreement. <br />Anderson asked if Sherman had any tenants for the commercial <br />development. Sherman replied that he has five different users interested in <br />the first building. With regard to the retail space in The Lodge, he has <br />6,000 square feet of the space under lease at this time and letters of <br />interest for an additional 3,000 square feet. <br />The City Administrator pointed out that the Development Agreements <br />provide for TIF guarantees, assessment agreements, and require minimum <br />tax increment payments to protect the City. The Development <br />Agreements also provide that if there are any dollars left in the TIF <br />District's funds immediately prior to decertification of the district, these <br />will go to the developer to reimburse him for any guarantee payments he <br />has made, subject to the availability of funds. <br />Mr. Fahey introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2003-7--167 -APPROVING THE <br />DEVELOPMENT AGREEMENT AND PURCHASE AGREEMENT <br />FOR THE VILLA'S AS SUBMITTED AND AUTHORIZING THE <br />MAYOR AND CITYADMINISTRATOR TO EXECUTE THESE <br />AGREEMENTS ON73EHALF OF THE CITY <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Fahey, LaValle, Montour, Anderson, Blesener. <br />Nays (0). Resolution declared adopted. <br />Mr. LaValle introduced the following resolution and moved its adoption: <br />REb"OL UTIONNO. 2003-7-168-APPROVING THE <br />DEVELOPMENT AGREEMENT AND PURCHASE AGREEMENTS" <br />FOR THE VIL LAGE AS SUBMITTED AND AUTHORIZING THE <br />MAYOR ANI) CITY ADMINISTRATOR TO EXECUTE THESE <br />AGREEMENTS ON BEHALF OF THE CITY <br />14 <br />