03-29-2012 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MARCH 29, 2012 has not been negotiated at this time. Staff is also recommending the issuance of a mortgage financing for 50% of the allowable costs as well as authorizing an Interfund Loan from the Water & Sewer Capital Replacement Account to finance the City's participation. These costs would ultimately be recoverable through Tax Increment Financing. Keis indicated that he is in agreement with the potential layout of the redevelopment area as well as lining up a new street with Cherry Hill Lane. He indicated, however, that he is not in agreement with all aspects of the redevelopment project as proposed. Montour pointed out the City Administrator's discussion in his report relative to the City acting as the developer of this project, and indicated that would make sense. Montour introduced the following resolution and moved its adoption: RESOLUTION NO. 2012 -3 -57 — AMENDING THE DEVELOPMENT AGREEMENT WITH MASTERPIECE HOMES TO ALLOW THE INCLUSION OF 2945 AND 2959 LABORE ROAD AS ALLOWABLE COSTS, AUTHORIZING THE ACTING MAYOR AND THE CITY ADMINISTRATOR TO EXECUTE THESE DOCUMENTS ON BEHALF OF THE CITY, AND AUTHORIZING THE ISSUANCE OF MORTGAGE FINANCING FOR 50% OF ALLOWABLE COSTS AS OUTLINED IN THE CITY ADMINISTRATOR'S REPORT DATED MARCH 23, 2012 The foregoing resolution was duly seconded by McGraw. Ayes (3). Nays (1) Keis. Resolution declared adopted. Montour introduced the following resolution and moved its adoption: RESOLUTION NO. 2012-3-58 — AUTHORIZING AN INTERFUND LOAN FROM THE WATER & SEWER CAPITAL REPLACEMENT ACCOUNT (FUND #604) TO FINANCE THE CITY'S PARTICIPATION IN THE ACQUISITION OF 2959 LABORE ROAD AS OUTLINED IN THE CITY ADMINISTRATOR'S REPORT DATED MARCH 23, 2012 The foregoing resolution was duly seconded by McGraw. Ayes (3). Nays (1) Keis. Resolution declared adopted. 12