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MINUTES <br />CITY COUNCIL <br />JUNE 25, 2009 <br />Administrator and Fauver agreed that there would be more discussion on <br />this point with George Sherman. <br />The Administrator pointed out that the closing is scheduled for July 7`~', <br />and indicated that it was his position that the City should be paid the TIF <br />guarantees for 2009 and 2010 at the time of closing. The Administrator <br />estimated the TIF guarantees at $16,000 per year. Fauver indicated that <br />these numbers would have to be reviewed with George Sherman. The <br />Administrator noted that under the agreements the City has with Sherman <br />Associates, there was already to have been a building on the property. <br />Now that Parcel 3 is being sold, the Administrator felt that the City should <br />get the "fIF guarantees. It was noted that the full value for the Culvers <br />development will not be on the tax roll unti12011 and no TIF will be <br />generated until that time. Fauver reported that certain expectations have <br />been made by Sherman Associates for cash flow. While it may not be an <br />issue, Fauver indicated that the matter will need to be reviewed with <br />George Sherman. <br />Next reviewed was the issue of a reciprocal easement agreement for five <br />parking spaces between Parcels 3 and 4. Fauver pointed out that 2 spaces <br />are being provided for Parcel 3 on the northwest corner of Parcel 4. When <br />Parcel 4 is developed and the access area opened up, 5 parking spaces will <br />be relocated. "fhe Administrator noted that whoever owns the shared <br />parking spaces will be responsible for their maintenance, although it was <br />indicated that Culvers would maintain the spaces until Parcel 4 develops. <br />It was further noted that the reciprocal easement agreement for parking is <br />a permanent agreement unless at the time Parcel 4 is developed, the City <br />determines that the shared parking easement is no longer necessary. <br />T'he Administrator recommended that the Council, acting as the rDA, <br />approve the closing documents being presented. He noted that there are <br />two open issues that he and the City Attorney would continue to work on <br />with Sherman Associates prior to the July 7`~' closing. 'T'hese are the <br />amount of the Letter of Credit and payment of 2009 and 2010 TIF <br />guarantees. <br />Mr. Keis introduced the following resolution and moved its adoption: <br />RESOLUTIONNO. 2009-6-196 - TEMPORARILYADJOURNING <br />THE CITY COUNCIL MEETING AND CONVENING AS THE <br />ECONOMIC DEVELOPMENT AUTHORITY <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (3). <br />Nays (0). Resolution declared adopted. <br />