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MINUTES OF THE SPECIAL MEETING <br />CITY COUNCIL <br />LITTLE CANAllA, MINNESOTA <br />JUNE 25, 2009 <br />Pursuant to due call and notice thereof a regular meeting of the City <br />Council of Little Canada, Minnesota was convened on the 25th day of <br />June, 2009 in the Council Chambers of the City Center located at 515 <br />Little Canada Road in said City. <br />Mayor Bill Blesener called the meeting to order at 8:00 a.m. and the <br />following members of the City Council were present at roll call: <br />CITY COUNCIL: Mayor Mr. Bill Blesener <br />Council Member Ms. Shelly Boss <br />Council Member Mr. John Keis <br />ABSENT: Council Member Mr. Michael McGraw <br />Council Member Mr. Riclc Montour <br />ALSO PRESENT: City Administrator Mr. Joel R. Hanson <br />City Clerk Ms. Kathy Glanzer <br />CULVERS/ The City Administrator noted that zoning approvals have been granted <br />SHERMAN for a Culvers Restaurant development on the southeast corner of Rice <br />ASSOCIATES Street and Market Place Drive. This property is under a Development <br />CLOSING Agreement with Sherman Associates as part of the master plan for the <br />DOCUMENTS redevelopment of the Rice Street/Little Canada Road area. Therefore, it is <br /> necessary to act on the Second Amendment to the Development <br /> Agreement for "the Village. The Administrator noted that part of the <br /> amendment relates to the transfer of Parcel 2 (empty parcel adjacent to <br /> The Village) to Sherman Associates. Sherman will clean up the site by <br /> July 31, 2009 and improve it by August 31, 2010. Improvements will be a <br /> minimum of paving the front portion of the lot for additional parking. <br /> Parcel 2 will have a minimum assessed value of $150,000 that will be <br /> added to The Village, Parcel 1. <br />With regard to Parcel 3, the Culvers site, the Administrator noted that this <br />site will have a minimum assessed value of $1,150,000, although the <br />County's valuation may be higher than that amount. Additionally, <br />Sherman Associates will maintain the TIF guarantee for Parcel 3. <br />Sue Fauver, Sherman Associates, reported that Letter of Credit would be <br />reduced to $100,000 at this time, with another $50,000 reduction at the <br />time that Culvers receives its Certificate of Occupancy. The City <br />Administrator indicated that it may be necessary to retain a $100,000 <br />Letter of Credit level rather than the $50,000 indicated by Fauver. The <br />