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MINUTES <br />CITY COUNCIL <br />APRIL 10, 1991 <br />a rent-back clause for the next 2 to 3 years. Malsam <br />indicated that he, too, might be interested in a <br />contract-for-deed sale on a short-term basis. <br />The City Administrator reported that Phase III must be <br />a reality to give the City the flexibility to make a <br />buy-out happen. <br />Blesener and Scalze stated that they could not support <br />the buy-out of the Gagne property. <br />Nadeau asked if the developer was capable of handling <br />all the property. <br />The City Administrator replied that it is his <br />understanding that each project somewhat stands on its <br />own. The developer is financing each project <br />individually, and the banks approve the building plans <br />plus want to see acceptable lease agreements prior to <br />construction. <br />Scalze stated that if the property owners are <br />interested in a buy-out through contract-for-deeds, <br />perhaps the City should pursue it. <br />The City Administrator pointed out that there are no <br />final plans developed for Phase III, and the <br />development agreement for Phase II still needs to be <br />amended. The Administrator also suggested that the <br />City insist on a guaranteed minimum tax for Phases II <br />and III due to the potential shift in dollars through <br />an adjustment of the commercial tax rate. <br />Bill Quirin asked that his property be considered along <br />with the others and reported that he would be willing <br />to sell via contract-for-deed. <br />DeBace asked if the proposal involves the developer <br />taking title to the property rather than the City. <br />Blesener replied that the City would take temporary <br />title to the property. <br />The Administrator pointed out that the City would have <br />a development agreement in place with the developer <br />outlining time frames and clauses for how the project <br />would proceed. Phases I, II and III must happen to <br />make the buy-out feasible. However, the situation is <br />speculative since the risk factor is whether or not <br />Phase IV would occur. The Administrator felt it would <br />be 90 days minimum before the City could be assured <br />that Phases II and III will become reality. <br />Page 12 <br />