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MINUTES <br />CITY COUNCIL <br />JANUARY 5, 2000 <br />The Administrator indicated that TIF projections show it will take 6 '/z <br />years to repay the developer and 3 years to repay the County. He also <br />noted that $125,000 in soil corrections is required. The developer will pay <br />the first $30,000 of that amount and the remaining cost will be financed <br />through a zero percent loan from the County. <br />The Administrator also reported that title work has been completed on the <br />Rice Street property and the sale can be closed. <br />Mr. LaValle introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2000-I-3 -APPROVING THE AMENDMENTS <br />TO THE R. J. MARCO DEVELOPMENT AGREEMENT AS <br />RECOMMENDED 73Y THE CITYADMINISTRATOR <br />The foregoing resolution was duly seconded by Pedersen. <br />Ayes (5) LaValle, Pedersen, Morelan, Fahey, Scalze. <br />Nays (0). Resolution declared adopted. <br />Pedersen asked when construction may proceed on the redevelopment <br />project. The City Administrator estimated that construction will start by <br />May 151. <br />Mr. Morelan introduced the following resolution and moved its adoption: <br />RESOI. UTION NO. 2000-I-4 -AUTHORIZING THE ASSIGNMENT <br />OF PURCHASE AGREEMENT TO LITTLE CANADA NORTH I.LC <br />AS RECOMMENDED I3Y THE CITYADMINISTRATOR <br />The foregoing resolution was duly seconded by Pedersen. <br />Ayes (5) Morelan, Pedersen, LaValle, Fahey, Scalze. <br />Nays (0). Resolution declared adopted. <br />CALL FOR The City Adminsitrator recommended that the Council call for a public <br />IMPROVEMENT hearing to consider the improvement of Little Canada Road. <br />HEARING - <br />LITTLE CANADA Mr. Morelan introduced the following resolution and moved its adoption: <br />ROAD <br />RESOL UTION NO. 2000-7-5 -CALLING FOR AN IMPROVEMENT <br />HEARING FOR LITTLE CANADA ROAD FOR WEDNESDAY, <br />FE73RUARY 9, 2000 AT 7:00 P.M. <br />