09-11-2013 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL SEPTEMBER 11, 2013 PINETREE POND DEVELOPMENT AGREEMENT 3046 LABORE ROAD - SALE PARAMETERS The City Administrator reported that he just finalized the latest draft of the Pinetree Pond Development Agreement. The revisions proposed are the result of discussions with the developer and his attorney. The Administrator reported that the developer has not yet had an opportunity to review and comment on the revisions. The Administrator reported that the changes relate primarily to the developer equity in the project. He noted that the developer has just over $300,000 in equity in the project above the $1.5 million that he will pay for the lots. The Administrator noted that the developer will pay $100,000 for each of the 15 lots. That price will include utility improvements which total $855,000 for the project. Other details in the Development Agreement address a developer landscaping credit up to $100,000, reimbursement for costs for acquisitions made to date, development processing costs the developer is responsible for including costs for Tax Increment District establishment and modifications. The Administrator recommended that the Council act on the proposed Development Agreement at its next meeting once the developer and his attorney have had an opportunity to review and comment on the draft. Blesener asked if the City Attorney has reviewed the agreement. The Administrator indicated that the City Attorney drafted the agreement, and that he made some modifications based on discussions with the developer and his attorney. The City Administrator reviewed his September 6, 2013 report which outlines the property sale parameters for 3046 LaBore Road that the City used in its Invitation To Bid process for this property. It was pointed out that no bids were received, and based on the discussion at its last meeting, the Council was to review these parameters and make any modifications it felt necessary in offering this property for sale. The Council reviewed the parameters and felt that they were appropriate as desired conditions for a property sale. The Council agreed that the asking price for the property should be $120,000, but suggested that the City Administrator discuss this price with a couple of local realtors. The Administrator reported that a hazardous materials evaluation was done, and there are hazardous building materials that need to be abated. He indicated that he would have those materials abated, and once that work is done, the structures will be taken down. 8