09-23-1992 Council Agenda - Laserfiche WebLink

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�+ V - cKeritezek 515 Little Canada Road, Little Canada, MN 55117 -1600 (612) 484-2177 / FAX: (612) 484 -4538 MEMORANDUM TO: Mayor Hanson and City Council Members FROM: Joel R. Hanson, City Administrator DATE: September 18, 1992 RE: Development Agreement For Presbyterian Homes Project MAYOR Raymond G. Hanson COUNCIL Beverly Scalze Bill Blesener Rick Collova Jim LaValle ADMINISTRATOR Joel R. Hanson Mary Ipple, Dan Wilson, and I will be meeting on Tuesday morning to discuss the special provisions of the development agreement with Presbyterian Homes. Some of these conditions are as follows: * Economy of scale savings by combining the two tax exempt bond issues will accrue to the benefit of the Little Canada Project; specifically the rent schedule. * Fund raising dollars will accrue solely to the benefit of the Little Canada Project in terms of reducing rents. * Project savings whereby actual costs are compared to estimated costs will be utilized to lower rents in the project. Control of fees to be paid by the project will be documented. The exact wording of these provisions will be handled at that meeting. Presbyterian Homes has indicated agreement in principal to these concepts. To facilitate sale of the bond issue, they would like to get the development agreement approved as soon as possible. This requires that we either approve the agreement in concept authorizing the Mayor and City Administrator to sign the agreement pending approval by Bond Counsel, City Attorney, and the City Administrator. The other alternative would be to call for a special meeting at which the agreement would be reviewed in final draft form and have the Council approve it at that time. It would be preferred that this meeting would be held no later than September 28th. The Council should decide how they would like to approach this matter. Page 43