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MINUTES OF THE SPECIAL MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />Pursuant to due call and notice thereof a special meeting of the City Council of Little <br />Canada, Minnesota was convened on the 7th day of October, 2002 in the Council <br />Chambers of the City Center located at S I S Little Canada Road in said City. <br />OCTOBER 7, 2002 <br />Mayor Michael I. Fahey called the meeting to order at 5:00 p.m. and the following <br />members of the City Council were present at roll call: <br />CITY COUNCIL: <br />Mayor <br />Council Member <br />Council Member <br />Council Member <br />Mr. Michael I. Fahey <br />Ms. Beverly Scalze <br />Mr. Matt Anderson <br />Mr. Rick Montour <br />ABSENT: <br />ALSO PRESENT <br />Council Member <br />City Administrator <br />City Attorney <br />Elilers & Assoc. <br />Briggs & Morgan <br />Council Candidate <br />Deputy Clerk <br />Mr. Jim LaValle <br />Mr. Joel R. Hanson <br />Mr. Pat Sweeney <br />Mr. Mark Ruff <br />Mr. Tom Bray <br />Mr. Bill Blesener <br />Ms. Kathy Glanzer <br />DEVELOPMENT The City Administrator reviewed his letter dated October 6, 2002 summarizing <br />AGREEMENT - the various development agreements proposed with Sherman Associates for <br />SHERMAN projects in the Rice Street/Little Canada Road redevelopment area. The <br />ASSOCIATES Administrator pointed out that our revised proposal is to tie the townhome <br />development to redevelopment of the northeast corner. He noted that unless those <br />two projects are linked, the risk is that existing TIF resources will be used up on the <br />townhome project and there will be inadequate assistance left to make redevelopment <br />of the northeast corner work. <br />The Administrator further noted that Sherman Associates had planned apay-as-you- <br />go note on the townhome piece, but given the interest rates he wanted on the TIF note <br />and amount of TIF generated, it is more financially feasible for the City to issue a <br />tax-exempt bond when the project is built out. (The difference in rates is currently <br />estimated at 2.5%.) The Administrator also noted that there is a $100,000 shortfall on <br />the project; however, that shortfall could be offset utilizing the SAC credits from the <br />Venetian site. The Administrator informed the Council that the offer of the SAC <br />credits has been made to Sherman Associates, but he is not sure of their position on <br />this issue. <br />