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MINUTES <br />CITY COUNCIL <br />APRIL 10, 1991 <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Blesener, LaValle, Scalze, Collova, Hanson. <br />Nays (0). <br />Resolution declared adopted. <br />TIF BUY-OUT The City Administrator reviewed in detail his report <br />FEASIBILITY dated April lOth regarding the feasibility of a Tax <br />MALSAM Increment buy-out of properties along Country Drive. <br />PROPERTY <br />Ed Nadeau expressed concern about the proposal, <br />pointing out that LEB Development had planned for Phase <br />IV to occur on Nadeau's property. The City <br />Administrator's report suggested that if the buy-out <br />occurs, the City would need to require Phase IV to <br />occur on the southern properties. <br />The City Administrator reported that he has discussed <br />this with Loren Brueggemann who felt that the project <br />on the Nadeau property would be a more specialized <br />project that would not be effected should the City <br />require Phase IV on the southern properties. <br />Nadeau was concerned that should the buy-out occur, his <br />land would be competing with the City's. <br />The City Administrator replied that should the City use <br />TIF surpluses to buy-out the southern properties, he <br />could not recommend anything other than that Phase IV <br />occur on these properties next. However, the developer <br />has indicated that development of both parcels owned by <br />Nadeau would occur irrespective of a buy-out. <br />Nadeau asked if the City would buy-out his property <br />when his option is up with LEB Development. <br />Malsam suggested that the developer also has an option <br />on the Gagne homestead. <br />The City Administrator replied that it is his <br />understanding that an option on the Gagne homestead has <br />not been finalized. <br />The Administrator reviewed the five conditions set <br />forth in his report and suggested the addition of a <br />sixth. That is, the property owners would have to <br />agree to waive all rights to relocation benefits in a <br />manner consistent with statutory provisions. <br />Blesener pointed out that the City Administrator has <br />outlined six very big if's. Therefore, Blesener didn't <br />Page 9 <br />