05-10-1999 CC - Laserfiche WebLink

Home Browse Search

CITY OF MOUNDS VIEW MEETING MINUTES MONDAY, May 3, 1999 6:00 P.M. 1. MEETING IS CALLED TO ORDER 2. ROLL CALL: Coughlin, Marty, Quick, Stigney, Thomason. 3. Resolution 5335 -Resolution approving a developers agreement for Lots 1,2, and 3 Block 1 Silverview Estates; and a developers agreement and release of land from developers agreement for Lot 4, Block 1, Silverview Estates. Scott Riggs, City Attorney gave an overview explaining that the Council had before them three documents: Item A, which is a second amendment to the development agreement between the City of Mounds View, Silverview Estates, Inc, Five D Limited, and Realife Cooperative of Mounds View, Item B, which is a new development agreement between the City of Mounds View and Realife Cooperative of Mounds View, and Item C which is a release of property. These revisions were made to be acceptable to HUD so that they would approve the financing for the project. The revision restores the original agreement and memorializes its intent, removing the Realife parcel from the original agreement, and provides for a separate agreement with Realife covering just their parcel. Council member Quick questioned a provision on a memo dated 4/26/99 indicating that the number of units in the development changed from 82 to 74. Cindy Davis explained that this occurred six months ago in sync with some market research that was done. This change is consistent with the change approved when the first amendment to the developers agreement was made. Council member Quick made a motion to approve Resolution 5335. Mayor Coughlin seconded the motion. Discussion: Council member Stigney questioned what the ramifications would be if the financing for the project falling through. Cindy Davis stated that the preclosing was today and that this was the last detail to finish. If the HUD financing fails though,the project would just revert back to the original agreement. MOTION: Council member Thomason indicated that she has a potential conflict of interest with this project and would abstain from the vote. Rick Jopke,the Community Development Director stated that this seems to be a good approach. Although he was only able to give it a brief reading, it seems to keep the intent of the original agreement, while providing a separate agreement on the Realife parcel. It should be acceptable to HUD and is acceptable to the City's legal staff.