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MINUTES <br />CITY COUNCIL <br />NOVEMBER 13, 2002 <br />units will meet affordable guidelines, which means these units must be set aside for <br />seniors at 50% of the median income level. 60% of the units will be set-aside for <br />seniors with incomes in the $38,000 to $90,000 range, and 20% of the units can be <br />rented to seniors with income levels over $90,000. Sherman explained that the unit <br />mix of the project will not change, nor will the quality of the project. This provision <br />is needed to meet current State Tax Increment Financing standards. <br />Anderson noted the reference to the project name as Village Square. Sherman noted <br />that Village Square was the initial name of the plat, which has since been renamed to <br />The Lodge at Little Canada. <br />Mr. Montour introduced the following resolution and moved its adoption: <br />RESOLUTIONNO. 2002-I1-5 -APPROVING THE MODIFICATION TO THE <br />REDEVELOPMENT PLAN FOR REDEVELOPMENT PRO.IECT AREA NO. I, <br />MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX <br />INCREMENT FINANCING DISTRICT NO. 3-2, AND TILE TAX INCREMENT <br />FINANCING PI AN FOR THE ESTA737.ISHMENT OF TAX INCREMENT <br />FINANCING DISTRICT NO. 3-3 WITHIN REDEVELOPMENT PROJECT <br />AREA NO. I AND A UTHORIZING THE PRESIDENT AND SECRETARY TO <br />EXECUTE ON BEHALF OF THE EDA <br />The foregoing resolution was duly seconded by Anderson. <br />Ayes (3) Montour, Anderson, Scalze. <br />Nays (0). Resolution decla~~ed adopted. <br />The City Administrator reviewed in detail the amendments to the Development <br />Agreement that is currently in place with Sherman Associates for The Lodge at Little <br />Canada. <br />Mr. Anderson introduced the following resolution and moved its adoption: <br />RE.SOI. UTION NO. 2002-II -6 -APPROVING THE AMENDED <br />DEVEL OPMENT AGREEMENT WITH SHERMAN ASSOCIATES FOR THE <br />LODGE AT LITTLE CANADA AS PRESENTED ]3Y THE CITY <br />ADMINISTRATOR AND AUTHORIZING THE PRESIDENT AND THE <br />SECRETARY TO EXECUTE THE AGREEMENT ON73EIIALF OF THE EDA <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (3) Anderson, Scalze, Montour. <br />Nays (0). Resolution declared adopted. <br />The City Attorney noted for the record a number of restrictions relative to the actions <br />taken by the EDA this evening. These include that the property that was transferred <br />