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MINUI'ES <br />CITY COUNCIL <br />NOVEt4BER 22, 1995 <br />RESOLUTION NO. 95-11-2 - ACCEPTING JURISDICTION OVER <br />DEVELOPMENT PROGRAMS FOR DEVELOPMENT DISTRICTS NOS. 2, <br />4 AND 5 AND TRANSFER OF ALL TAX INCREMENTS DERIVED FROM <br />TAX INCREMENT FINANCING DISTRICTS NOS. 2-1, 3 AND 5; <br />AND AUTHORIZING EXECUTION OF PLEDGE AGREEMENT <br />The foregoing resolution was duly seconded by Morelan. <br />Ayes (5) LaValle, Morelan, Pedersen, Scalze, Fahey. <br />Nays (0). Resolution declared adopted. <br />At this point in the meeting the Economic Development <br />Authority adjourned, and the City Council meeting was <br />reconvened. <br />BOND SALE Rusty Fifield, Ehlers and Associates, reported that the <br />City has been moving ahead with plans to issue bond in <br />the amount of $1.9 million and negotiating the <br />Statement of Understanding with Messrs. Grootwassink <br />and Hotzler. Fifield stated that he feels very <br />confident that The Market Place 5hopping Center project <br />will come together. However, at this point the <br />developers do not have all the final lease commitments. <br />Fifield reported that work is also being done on the <br />loan agreement, which is the most critical of the <br />development agreements. Fifield stated that once all <br />the documents are in place, bonds can be issued and the <br />closing can take place. At this point, however, <br />Fifield recommended that the City postpone the bond <br />sale until December 6th. This action will not affect <br />the closing date. Bids for the bonds will be taken at <br />1 P.M., and the Council can consider those bids at 7:30 <br />P.M. <br />Fahey noted that the Council has a workshop scheduled <br />for 7 P.M. on December 6th. <br />Fifield recommended that the workshop proceed, be <br />temporarily adjourned at 7:30 P.M., the bond sale acted <br />upon, and the workshop reconvened. Fifield also <br />reported that Moody's Rating Service confirmed the <br />City's ~~A" rating. <br />Fifield presented a rendering that the developer has <br />had prepared for The Market Place Shopping Center <br />renovation. A metal facade treatment is proposed. The <br />developer is working on color treatment and lighting <br />issues. Fifield suggested that the City Planner and <br />Planning Commission provide some input into this <br />concept to ensure that it meets the architectural <br />desiqn guidelines that they are working on. <br />4 <br />