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MINUTES <br />CITY COUNCIL <br />MAY 22, 1991 <br />MALSAM Mark Malsam, Country Drive resident, appeared before <br />PROPERTY the Council about the possibility of the City acquiring <br />his property. Malsam reported that he has been <br />attempting to refinance his home in order make a <br />balloon payment on a piece of property he is <br />purchasing. The bank has informed him that they will <br />not refinance since the property is zoned PUD and <br />commercial development is so close to his home. Malsam <br />reported that his contract-for-deed is due at the end <br />of the month, and if something is not done he will lose <br />his $3,000 earnest money. <br />Blesener pointed out that the property was zoned <br />commercial before it was rezoned to PUD. Therefore, <br />the same non-conforming use existed prior to the <br />rezoning. Blesener also pointed out that there is <br />nothing the City can do about the location of the <br />Kandice Heights development in relation to the Malsam <br />property. Blesener did not believe there was any <br />action on the part of the City Council that affected <br />Mr. Malsam's ability to refinance his home. <br />Malsam reported that there are Tax Increment Financing <br />funds available that the City could use to help out the <br />property owners on Country Drive. <br />Scalze asked the status of Kandice Aeights Phases II <br />and III. <br />The City Administrator reported that he met with the <br />developer of the Kandice Heights project as well as <br />Business Development Services, and discussed a <br />guaranteed minimum tax as part of the TIF financing for <br />the project. The Administrator reported that he also <br />asked BDS to put together some estimates of TIF <br />surpluses that may be generated which could be used to <br />buy-out the three residential homes on Country Drive. <br />The Administrator felt that the City has to deal with <br />the issue of all three homes, and not just buyinq out <br />one. The Administrator also pointed out that the City <br />still does not have a definite commitment on Phases II <br />and III. <br />Malsam felt that there was enough TIF surplus to start <br />with the buy-out of one of the homes. Malsam pointed <br />out that he had a buyer for his property, who backed <br />out because he felt the City didn't support his <br />proposal. Malsam reported that he had another party <br />interested in buying his property, however, after <br />reviewing the situation, they did not want the <br />headaches. Malsam pointed out that he is about to lose <br />$3,000 next week since he cannot borrow against his <br />house. <br />Page 14 <br />