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MINUTES <br />CITY COUNCIL <br />MARCH 4, 1998 <br />these costs. The Administrator pointed out that if the project goes <br />forward, the costs would be absorbed as project costs. Morelan felt a <br />deposit shou(d be pursued. Fahey indicated that he was not interested in <br />incurring any more costs until the City has a signed development <br />agreement. <br />The Administrator sug~ested that the City can tell Kim Wise that if he <br />wants some of this work to proceed prior to finalization of a development <br />agreement, a deposit will be required. Morelan felt a commitment <br />agreein~ to make a deposit was a commitment that Cinemark was ready to <br />do business. <br />Fahey felt that the City would know Cinemark was serious to do business <br />if it got a redraft of the development agreement. <br />The Administrator pointed out that the "pay as you ~o" can focus on a <br />$3.50 tax capacity rate that makes the deal better. <br />The Administrator reported that he has heard from other city managers <br />that CSM was a good developer. The Administrator reported that he <br />contacted CSM about the redevelopment site, they took a look at it and <br />indicated that they could not find a way to make money on the site. <br />However, they indicated that the theater was a good idea and was a needed <br />draw for the area. W ithout the theater, they felt there would be a hodge- <br />podge of redevelopment if any at all. <br />The Administrator indicated that he would have the development <br />agreement and drawings sent out to Kim Wise by Friday. He did not <br />anticipate having a response by March 11`~', therefore, suggested that the <br />March 11°i workshop meeting be cancel(ed. <br />There being no further business, the workshop was adjourned at 9:08 P.M <br />~~ l.~ ~~~~ -~ti, <br />Mic~ael I. Fahey, ayor ~` ~ <br />Attest: ~ /' `--.. ,~~ <br />Joe Hanson, City Admm" i~tt'2tor <br />~ <br />17 <br />