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MINUTES <br />CITY COUNCIL <br />DECEMBER 6, 1995 <br />details of that rehabilitation have not been finalized <br />as yet. Another issue that needs to be resolved is the <br />road alignment/parking issue. That issue will also be <br />resolved before the closing date. <br />The Administrator felt that the details of the purchase <br />and City assistance were in pretty good shape subject <br />to final execution of the grocery store lease. The <br />City has a firm letter of intent from the grocer. <br />Bob Grootwassink stated that he expected to have a <br />signed lease from the qrocer by Friday or Monday. <br />The Administrator pointed out that the Planning <br />Commission will meet on December 12th to finalize <br />architectural standards. Grootwassink and Hotzler will <br />be attending that meeting to present a rendering for <br />upgradinq the exterior of the Market Place. <br />The Administrator again stated that the City's exposure <br />in selling the bonds at this time has been covered by <br />the $150,000 submitted by Grootwassink and Hotzler. If <br />the purchasers do not perform by the December 27th <br />closing, they are out this $150,000 and the City will <br />not suffer any financial exposure. The City <br />Administrator recommended that the City execute the <br />Loan Origination Fee Payment and Expense Reimbursement <br />Agreement and receipt the check before the bonds are <br />awarded. The Administrator anticipated that the Loan <br />Agreement will be finalized shortly. <br />OTHER The City Administrator reported that he has had some <br />PROJECT conversations with the Venetian Inn, and they are <br />PROPOSALS- still working on a proposal. <br />VENETIAN <br />INN Joe Vitale reported that they are looking at several <br />different areas, and will wait and see how it all fits <br />in the master plan. Their intention is to build <br />someplace within the corridor. <br />SENIOR The Administrator reported that Sherman Rutzick brought <br />CO-OP in Mike Conlan to discuss the feasibility of a five- <br />HOUSING story building which would consist of co-op senior <br />housing on the top four floors and retail and service <br />businesses on the first floor. Because of security <br />reasons, it is difficult to lease out the first floor <br />for senior housing. Rutzick and Conlan are very <br />interested in doing a project such as this, and staff <br />will continue to work with them. <br />2 <br />