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MINUTES <br />CITY COUNCIL <br />MAY 22, 1991 <br />BACHMEIER The City Administrator reviewed a proposed development <br />DEVELOPMENT agreement between the City and Mr. Bachmeier for the <br />AGREEMENT development of the Grieman property along County Road <br />B. The Administrator reported that the development <br />agreement is necessary to keep flexibility open in the <br />Economic Development District that the City <br />established. The Agreement must be in place by June 1 <br />or the District will no longer be subject to the old <br />law, and the more restrictive new law comes into play. <br />The City Administrator reported that he was not sure <br />the Bachmeier project will come into fruition in the <br />near future due to the financial market. However, <br />adoption of the proposed development agreement will <br />keep the District in force. <br />The Administrator reported that the Agreement pledges <br />20% of the market value of the property as TIF <br />assistance to the project. As the specific project <br />comes into being, the City will review and analyze the <br />development agreement again. <br />Scalze asked if the City's enters into the development <br />agreement with the Bachmeier Corporation, if <br />development of the property under the old TIF <br />regulations is restricted to that company. <br />The City Administrator reported that if Bachmeier <br />Corporation does not perform, the project would be in <br />default and it could be opened up to other developers <br />under the old TIF regulations. The Administrator also <br />reported that the Grieman's have a separate agreement <br />with the Bachmeier Corporation to protect their rights. <br />The City Attorney replied that the development <br />agreement was acceptable from a legal standpoint. <br />The Administrator recommended that page 14, Section <br />3.3, paragraph 2 the figure "100%" be amended to "95%". <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 91-5-177 - APPROVING THE DEVELOPMENT <br />AGREEMENT BETWEEN THE BACIiMEIER CORPORATION AND TIIE <br />CITY AS PREPARED BY BRIGGS AND MORGAN AND AS AMENDED BY <br />THE CITY ADMINISTRATOR, AND AUTHORIZING TIiE MAYOR AND <br />CITY ADMINISTRATOR TO EXECUTE THE AGREEMENT ON BEHALF <br />OF THE CITY <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (5) Scalze, Blesener, Hanson, Collova, LaValle. <br />Nays (0). <br />Resolution declared adopted. <br />Page 16 <br />