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MINUTES <br />CITY COUNCIL <br />APRIL 25, 2018 <br />that will own the project. The City Attorney, explained that if the <br />developer does not pay off the note, the City would take control of all of <br />the LLC member units and would then become the owner of the project. <br />He reviewed the pros and cons of this financing proposal. <br />Joel Larson, Suite Living, stated that he is agreeable to the terms that have <br />been discussed. <br />Montour introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2018-4-82 — APPRO VING THE PLANNED UNIT <br />DEVELOPMENT AGREEMENT FOR SUITE LIVING OF LITTLE <br />CANADA AS PRESENTED SUBJECT TO FINAL COMMENTS BY <br />THE CITY ATTORNEY <br />The foregoing resolution was duly seconded by Fischer. <br />Ayes (4). <br />Nays (0). Resolution adopted. <br />Montour introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2018-4-83 — APPRO VING A RESOLUTION FOR <br />AN INTERFUND LOAN FROM FUND #604 FOR $400, 000 TO <br />FINANCE THE LOANASSOCIATED WITH TIF DISTRICT NO. 7-1 <br />The foregoing resolution was duly seconded by Fischer. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />Montour introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2018-4-84 — APPROVING A RESOL UTION FOR <br />THE INTERFUND LOAN FROM FUND #604 FOR $30,000 TO <br />COVER THE COSTS ASSOCIATED WITH THE CREATION OF <br />THE TIF DISTRICT THAT WILL BE RECOVERED FROM FUTURE <br />TAX INCREMENTS <br />The foregoing resolution was duly seconded by Keis. <br />Ayes (4). <br />Nays (0). Resolution adopted. <br />G� <br />