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MINUTES <br />CITY COUNCIL <br />OCTOBER 25, 1995 <br />The City Administrator reported that he has asked the <br />developer for a pro forma on the shopping center, at <br />both 100% and 70% occupancies. Dates in the agreement <br />have been changed to November 20th to coincide with the <br />City's deadline to pull out of the bond sale if the <br />developer has not performed adequately. The aqreement <br />also requires the developer to enter into a development <br />agreement with the City. That agreement is being <br />drafted by Briggs and Morgan. <br />Morelan asked if the deadline for execution of the <br />development agreement is November 20th. <br />The Administrator replied that that was correct. <br />Fahey noted that the City is working with Mr. <br />Grootwassink on his purchase and rehabilitation of the <br />Market Place Shopping Center. The City is also working <br />on architectural design guidelines for the <br />redevelopment area, and the center will be subject to <br />these guidelines. Fahey noted that although the City <br />is eager to see redevelopment of the Rice Street area <br />proceed, it will not move forward foolishly. The City <br />is working toward a clear vision for the area, and has <br />good people on board to help make the redevelopment <br />happen. <br />Morelan agreed that the City is very serious in its <br />intent to move forward with the redevelopment process. <br />Morelan stated that he does not know what interference <br />there may be with Mr. Grootwassink's leasing efforts, <br />but he echoed the concern expressed by the Mayor. <br />Morelan felt there was a fine line between a shrewd <br />business deal and going behind someone's back causing <br />problems. <br />Fahey pointed out that any development proposal <br />inconsistent with the City's plan for the Rice <br />Street/Little Canada Road area may not get approved. <br />Fahey stated that it bothers him that a developer may <br />be trying to locate businesses in a center which does <br />not exist. Fahey suggested that the City may not be <br />interested in a proposal for a development with a <br />second grocery store, for example, when one already <br />exists in the area. <br />ADJOURN Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />11 <br />