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MINUTES <br />CITY COUNCIL <br />APRIL 25, 2018 <br />*APPROVE THE PURCHASE OF A UTILITY VEHICLE FOR PARK <br />MAINTENANCE <br />The foregoing resolution was duly seconded by Fischer. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />TERRACE The City Administrator explained that the Terrace Heights has addressed <br />HEIGHTS STORM all of the items that the Council raised. Keis stated that they discussed <br />SHELTER having Terrace Heights conduct an actual test of the emergency plan. <br />Kurt Williams, regional manager for Riverstone Communities, stated he <br />would support doing a test. Torkelson stated that he thinks the plans looks <br />good, and a few other residents are also agreeable. Montour asked if they <br />have any plans to build their own shelter. Mr. Williams stated that they <br />would like to be able to have their own building that includes a <br />community room and maybe other uses. <br />Keis introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2018-4-81— APPROVE THE STORM SHELTER <br />PLANAS SUBMITTED FOR TERRACE HEIGHTS <br />MANUFACTURED HOME PARK <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (4). <br />Nays (0). Resolution adopted. <br />SUITE LIVING OF <br />The City Administrator stated that Suite Living of Little Canada received <br />LITTLE CANADA <br />approvals to build a 32 unit senior assisted living project at 2736 and 2744 <br />—DEVELOPMENT <br />Rice Street. He explained that staff has been working to finalize the <br />AGREEMENT, <br />development program for the project. He stated that the development <br />LOAN <br />agreement was included in the additions packet, and must be approved by <br />AGREEMENTS <br />the City Council. The City Administrator stated that per the Conditional <br />AND INTERFUND <br />Assignment of Rights executed with the Suite Living developers, the City <br />LOANS FOR TIF <br />was providing a $600,000 loan for a three year term, and this loan was to <br />DISTRICT <br />be secured by a 2nd mortgage. He explained that recently the developers <br />asked the City to consider accepting a personal guarantee because their <br />primary mortgage company will not allow a 2nd mortgage. He stated that <br />instead, the City will instead advance Suite Living $400,000 to purchase <br />the property, and the City will receive the additional $200,000 at the time <br />of payoff. <br />The City Attorney explained that the new method of securing the loan is <br />for the City to take a secured interest in all of the member units of the LLC <br />N. <br />