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MINUTES <br />CITY COUNCIL <br />NOVEMBER 13, 2002 <br />the sale must be reviewed by the EDA so it can determine that the sale is in <br />accordance with the public interest. <br />Scalze asked if there was anyone from the general public wishing to comment on this <br />matter. There was not. <br />Upon motion by Montour, seconded by Anderson, the public hearing was closed <br />The EDA reviewed the proposed Purchase Agreement that was included as pages 75 <br />through 91 in the agenda packet. The EDA also reviewed in detail the proposed <br />amendments to the Development Agreement that was included as pages 33 through <br />74 in the agenda packet. <br />Mr. Anderson introduced the following resolutia~ and moved its adoption: <br />RESOI UTION NO. 2002-II-4 -APPROVING THE PURCHASE AGREEMENT <br />BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY <br />OF LITTLE CANADA AND THE L ODGE AT LITTL E CANADA L7 C AS <br />SUBMITTED AND AUTHORIZING THE PRESIDENT AND SECRETARY OF <br />THE EDA TO EXECUTE THE PURCHASE AGREEMENT ON BEHALF OF <br />THE EDA <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (3) Anderson, Montour, Scalze. <br />Nays (0). Resolution declared adopted. <br />The EDA reviewed the proposed modifications to Redevelopment Plan for <br />Redevelopment Project Area No. 1, modifications to the Tax Increment Financing <br />Plan for TIF District No. 3-2 and Tax Increment Financing Plan for the establishment <br />of TIF District No. 3-3. <br />Anderson asked about the provision in the documents that 20% of the units be at <br />market rate. The City Administrator replied that the documents provide that 20% of <br />the units can be rented by seniors exceeding moderate-income limits. The <br />Administrator noted that the project is market rate housing, and noted that one of the <br />actions this evening will be for the Council to adopt an ordinance defining moderate <br />income for purposes of Tax Increment Housing .Districts in Little Canada. <br />Anderson asked if this changed the characteristics of the project as it relates to mix of <br />unit types. <br />George Sherman, Sherman Associates, reported that the unit mix will not change. <br />Sherman explained that the median income levels being used are those established by <br />the US Department of Housing and Urban Development for Ramsey County. The <br />median income in Ramsey County is approximately $78,000 per year. 20% of the <br />