02-27-2002 Council Minutes - Laserfiche WebLink

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MINl1TLS CITY COl1NCIL FEBRUARY 27, 2002 MENT factors including the type of financing that they will be able to obtain, PI20POSALS Metro Plains also indicated that if they pursue livable Community Grant funding, anticipated start date of the project will be next spring. Metro Plains has asked that the City enter into a preliminary development agreement with them at this point, with the final agreement to be worked out within 60 to 90 days. The Administrator reported that George Sherman & Associates has indicated that they will guarantee the reimbursement of the City's $2 million on a pay- as-you-go basis which will allow the City to recover these dollars sooner rather than Inter. Sherman would like to look at livable Communities Grant funding, but is also exploring other funding such as tax-exempt financing. The Administrator noted that Ehlers & Associates has indicated that they believe both developers are on relatively equal Footing as Meu'o Plains is taking a conservative approach while Sherman is taking an aggressive approach. The Administrator felt that a realistic start date for a project with either developer was spring. Anderson pointed out that Sherman's proposal involved two-story townhomes and a greater density. Anderson stated that he would prefer to see a mix of single and two-story townhomes as well as a Focus on the senior market. Mark Ruff; Ehlers & Associates, pointed out that the Sherman proposal is not unconditional noting the greater density proposed as one aspect of the difference n~ the two proposals. Fahey noted that the Council has not determined what the right density level is at this point. The City Administrator pointed out that Sherman has indicated a willingness to focus the townhome development o^ the senior market. The Council discussed the differences in the two proposals at this point, and felt it was important to clarify some issues with both developers so that an apples-to-apples comparison could be done. The Council instructed the City Administrator to develop a list of development points to submit to both Metro Plains and Sherman for their response, Some of these points should include the issues related to the townhome development component, i.e. mix of single and two story townhomes, amount of density, etc-, as well as the reimbursement of the City~s $2 million in expenses. It was the consensus of the Council to call a special meeting for tomorrow evening to evaluate the IG