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3 <br />The bank takes all the risk. The city will want the option to sell the facility to recoup its <br />investment and sell the building off in the event of default. <br /> <br />A motion was made by Steve Rymer to recommend to the city council that the city finance its <br />$1.5 million commitment for the YMCA project through the issuance of $1.5 million in G.O. <br />Tax Abatement Bonds. Mr. Milbauer seconded the motion. <br /> <br />During discussion Mr. Corson questioned the private versus public placement. Mr. Rolek said <br />bond counsel will look at whether a bid process would be more competitive. <br /> <br />Motion was amended to include “associated costs” to the $1.5 million in abatement bonds. <br /> <br />Motion passed unanimously. <br /> <br />OTHER BUSINESS <br />Mr. Grochala gave an update on the AUAR, which is out for public comment. Hardwood Creek <br />LLP is modifying plans based on preliminary comments in the AUAR. A Comprehensive Plan <br />amendment will be required, and that submittal is likely in September or October. The plan has <br />approximately 600,000 sq. ft. of commercial and the remaining will be housing with different <br />types, including townhomes. No apartment or rental is proposed. <br /> <br />Wells Fargo will be under construction next month just south of McDonalds. Rud Surveyors will <br />be starting soon on Lake Drive/49. Legacy projects will be coming forward soon. The Vikings <br />stadium developers are concentrating on Blaine. The Suntide proposal on 35E/Cty Rd. 14 on <br />Dick Schreier’s property has a concept of three outlot pads to start, with a future commercial on <br />the balance of the 30 acres. The master plan on 49/J is being completed. There are utility issues <br />there, but residential developers are interested. Ryan Cos. has a building permit for the <br />Marketplace multi-tenant buildings. A developer has introduced a concept for the old Schwan’s <br />site, which is potentially a bank and a retail user and they may apply soon. <br /> <br />NEXT MEETING <br /> <br />Thursday, August 4, 2005. <br /> <br />Meeting adjourned.