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c1+ j 9W4 c‘c0tack <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: President Fahey & Members of the EDA <br />FROM: Joel Hanson, Secretary <br />DATE: December 15, 1995 <br />RE: December 20, 1995 Meeting <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaVaile <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />At our meeting of December 20, 1995, we will need to adopt the <br />1996 budget. This year we are showing budgeted amounts based on <br />a transfer from 10% gambling funds. I have also allowed for <br />$10,000 worth of expenditures assuming there will be additional <br />consulting services utilized in the upcoming year. <br />Another action we will have to take in this regard is the <br />election of officers. On a separate sheet, current officers have <br />been listed for your review. <br />Lastly, the City will have to approve the execution of agreements <br />between the EDA and the developers of the Market Place Shopping <br />Center. A number of documents governing this transaction have <br />been prepared by Briggs & Morgan. Due to the shear volume of <br />these agreements, I have not included them with this agenda. <br />Copies are available at City Hall should you wish to review them. <br />We have included a resolution authorizing the execution of a <br />pledge agreement and loan agreement for your review. Other <br />documents we will need to approve and authorize for signature <br />include a Development Agreement and a Subordination, Attorney, <br />and Non - disturbance Agreement. <br />Copies of these agreements have been forwarded to the City <br />Attorney for review. Further changes are expected in the drafts <br />we have before us. Given that the closing is planned for <br />December 27, 1995, we will need to authorize execution at this <br />meeting. <br />JRH:kpv <br />Page 1 <br />