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t,' <br /> i <br /> � i <br /> 1 <br /> Mayor Coughlin stated that is correct and all he has seen in documentation and verbal comments <br /> made indicate the golf course is self sufficient. He noted that there is a potential, if the weather <br /> was very bad, that it could change that situation but with past history the golf course is meeting i, <br /> and exceeding its requirements under its separate budget and it has,to this date, paid off the <br /> bonds. <br /> Mr. Jahnke asked how the pickup will be funded. Mayor Coughlin stated it is scheduled in the <br /> golf course equipment budget. <br /> Council Member Marty stated that with the escalating bond debt, the golf course will be very <br /> close as far as covering expenses for several years which is the reason the billboard project is <br /> being considered, to gain a bit of"cushion." <br /> Dick Hanson, Realife Cooperative Developers, stated the Realife Cooperative is totally sold out, <br /> will introduce 65 new residents to Mounds View, and this has been a very good project. He <br /> stated they have cash to close on May 3, 1999, but the Development Agreement has a error that <br /> the lender and HUD will not accept. Mr. Hanson asked the Council to consider their request to <br /> correct this error. <br /> Cindy Davis,representing Realife Cooperative, explained that there was an underlying :, <br /> Development Agreement defining the improvements as primarily infrastructure and the first <br /> amendment that was entered into substituted the Co-Op for Silverview Estates and pertained to <br /> only one parcel. She explained HUD has indicated they must have clarification that this <br /> Development Agreement pertains only to the senior housing element, not to the gas station or <br /> office buildings. She explained they are asking for an amendment to state they will be <br /> developing a 74-unit senior cooperative housing project and that will be the definition for the <br /> improvements for the PUD. <br /> Ms. Davis also requested the deletion of Paragraph 202 relating to obtaining the permits that <br /> were pertinent for the infrastructure development and to eliminate the financial guarantee for the <br /> infrastructure improvements, performance bond, the maintenance bond, and park land dedication <br /> fee. She noted all those items have been performed by Silverview Estates so eliminating that <br /> reference would not result in relinquishing those requirements. Ms. Davis advised that without <br /> these clarifications, HUD will refuse to fund the loan. <br /> Planning Associate Ericson stated that he received a fax requesting this second amendment to the <br /> Development Agreement for Silverview Estates which he forwarded to the City's legal team. He <br /> reported they reviewed the Agreement and expressed serious misgivings on the requested <br /> amendment. Planning Associate Ericson explained that HUD has requirements that may not be <br /> in sync with what the City has already required and included in the Development Agreement. He <br /> stated he does not think the City would want a separate Development Agreement for this single <br /> parcel. He stated that some requirements have been met so he does not understand why there is a <br /> 5 U:\CARIS\COUNCIL\MINUTES\MVCC26.APR <br />