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MINUTES <br />C]:TY COUNCIL <br />MOVEMBER 23, 1994 <br />LaValle pointed out that'the developer knows what the <br />City wants to see in the development agreement. Also, <br />the developer received written notification of the <br />deadline for submission of that agreement. LaValle <br />suggested that the City look for another developer. <br />Morelan suggested that the City give the developer <br />another two to three weeks and see if any progress can <br />be made. Morelan suggested that the developer be <br />notified in writing of::an extended deadline. If <br />nothing happens by that~t~me, then the City should <br />pursue other options. <br />Mark Lendway, Tierney's Liquor, asked what a <br />development agreement is, and expressed concern that <br />the City was planning to tear down properties along <br />Rice Street. <br />The City Administrator replied that the City is not <br />proposing to tear down any properties. The <br />Administrator reported that a development agreement is <br />a document which establishes the terms and conditions <br />under which a development will occur. The <br />Administrator pointed out that the developer has been <br />in to discuss his proposed project, but the City has no <br />documents to evaluate the feasibility of the project, <br />establish timelines for the project, establish what <br />sorts of City assistance are needed, etc. The <br />Administrator stated that the project as described by <br />the developer is exciting, but the City has had nothing <br />to react to. <br />Lendway expressed concern about Tax Increment Financing <br />for the project. <br />The City Administrator reported that the City has not <br />given the developer any dollars. The purpose of the <br />development agreement is to spell out the terms and <br />conditions of the development as well as the amount of <br />City assistance which would be involved. The City <br />currently has no contractual relationship with the <br />developer. <br />Lendway pointed out that there have been discussions <br />about the Rice Street project for the past 18 months. <br />Lendway felt it was time for the City Council to sit <br />down with the property owners along Rice Street to <br />explain the project and where it is at. Lendway felt <br />10 <br />