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MINUTES <br />CITY COUNCIL <br />MARCH 22, 2006 <br />RELEASE OF the City provided on these projects, a reduction in equity means that <br />DEVELOP- the City has less security in place. <br />MENT <br />AGREEMENT The City Administrator presented a detailed TIF analysis on the projects <br />showing the impacts to the City. The Administrator reported that in <br />exchange for release of the development agreement, TIF guarantees, a <br />$31,000 Letter of Credit, and outstanding developer deposit costs, Mr. <br />Biagini will pay the City $195,167 for advances in TIF guarantees plus <br />another $4,833 for outstanding developer deposits for a total of $200,000. <br />The Administrator indicated that this solution appears to cash flow on the <br />positive side for the City, and felt it would be a preferable solution rather <br />than counting on TIF guarantees going forward. We will still have the <br />minimum assessed value on the property. <br />The Administrator reported that Biagini will still have some other details <br />to accomplish as part of the refinancing process, such as recording of the <br />plat and assessment agreement on Phase II. However, the Administrator <br />recommended approval of the release of development agreement <br />contingent on those items as well as the $200,000 payment. The <br />Administrator also that as values increase on these buildings, additional <br />TIF will be generated. However, if the Legislature enacts additional <br />property tax reforms, the tax rate could drop and impact TIF. <br />Mr. LaValle introduced Che following resolution and moved its adoption: <br />RESOLUTION NO. 2006-3-83 -AUTHORIZING THE RELEASE OF <br />DEVELOPMENT AGREEMENT WITH RAB LLC SUBJECT TO THE <br />CONDITIONS AS IMPOSED BY THE CITY ADMINISTRATOR AND <br />SUBJECT TO THE PAYMENT OF $200,000 TO THE CITYAT <br />CLOSING <br />The foregoing resolution was duly seconded by Allan. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />BRAD VOLK The City Administrator extended the best wishes of the City to Brad Volk <br />in his new career as a Washington County Deputy. The Administrator <br />reported that Volk has done a good job for the City and will be an <br />excellent law enforcement officer. <br />ADJOURN Mr. LaValle introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2006-3-84 -ADJOURNING <br />19 <br />