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MINUTES <br />CITY COUNCIL <br />DECE[4BER 6, 1995 <br />Fahey pointed out that architectural standards are <br />being developed which will set a theme for the area. <br />If the Market Place Shopping Center, the Rutzick <br />property, and the Venetian Inn property can redevelop <br />in such a way as to meet those standards, then the City <br />has a good start toward its redevelopment vision for <br />the area. <br />Pat Vitale questioned the financing deal that the City <br />entered into for the Market Place Shopping Center. <br />The City Administrator pointed out that the City is <br />providing the financing for the purchase at a reduced <br />interest rate with little risk to the City. Fahey <br />pointed out the $150,000 loan oriqination fee paid to <br />the City, plus interest payments on the mortgage, which <br />gives the City money to use on other future projects. <br />Pedersen was concerned that the Council was indicating <br />that it would back off from the Development Guide. <br />Morelan felt that the City should move toward rezoning <br />the redevelopment area to PUD in order to protect the <br />City and ensure that redevelopment occurs in compliance <br />with the Development Guide. <br />Joe Vitale stated that the Venetian does not agree <br />totally with the Development Guide, but will work <br />within the confines of the Guide unless they can <br />convince the Council that they are a better proposal. <br />Vitale stated that the time is not right for them to <br />present a proposal. Vitale also expressed concern <br />about the construction of another apartment in Little <br />Canada, questioning how the Rutzick proposal could be <br />restricted to senior citizens. <br />Morelan stated that he would oppose the project if it <br />was not senior housing. <br />Fahey pointed out that the proposal is only a concept <br />at this point. <br />Fasciana questioned whether the land was wide enough <br />for the building proposed and the extension of Market <br />Place Drive. <br />Council discussed how the City would guarantee that the <br />Rutzick proposal would be restricted to senior <br />citizens, and Fahey suggested that a covenant be filed <br />with the land restricting occupancy to senior citizens. <br />10 <br />