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tai <br /> President Coughlin stated even these actions which Mr. Nelson has taken, as much as they have <br /> irritated him, have not swayed him in action or the vote that will be taken tonight. But, he wants <br /> it to be made known as part of the public record that they (President Coughlin and Mr. Nelson) <br /> had a handshake agreement in front of witnesses that Mr. Nelson would do one thing yet he did ! <br /> another. He stated this leaves Mr. Nelson in quite a"pickle." <br /> Mr. Nelson stated he regrets President Coughlin is displeased but he believes the action they took <br /> was to tender the documents and park dedication fee to the City, whether directly to this body or <br /> not. He stated he wanted to submit the documents and cover letter ahead of time to make their <br /> opinions known. He stated they can develop the site with the previously approved project,the <br /> alternate site plan and amended development agreement, or develop it for some other potential <br /> use not covered under the development agreement. However, he would like to do the office flex <br /> development being presented tonight. <br /> Mr.Nelson explained the agreement was unsigned due to the condition attached by the previous <br /> Council that it could not be executed until the park dedication fee was paid in advance. Mr. <br /> Nelson explained that paying the $57,000 park dedication fee without knowing whether the <br /> project would go forward was something they were not thrilled about but they sent the check and <br /> executed the EDA agreement approved by the EDA. He restated they can develop the site as <br /> previously approved but he believes it would be the best alternate for them and the City to <br /> develop the office flex alternate. <br /> President Coughlin noted the motion on the floor would reject the original development <br /> agreement as presented by Mr. Nelson and before the EDA right now. <br /> Commissioner Marty stated the Council was led to believe this would be an agenda item at the <br /> last work session and were also led to believe that Mr.Nelson or someone from that organization <br /> would attend the work session to answer any questions. He asked why no one was present. <br /> Mr. Nelson stated he spoke with staff about whether they would attend and he had informed staff <br /> they would not attend since they had submitted the agreement, stated their case in the cover <br /> letter, and thought all the questions raised about potential changes in the development agreement <br /> had been adequately researched by the City staff, including the interest rate being in the market. <br /> He stated he also submitted information to staff about pay-as-you-go TIF agreements and interest <br /> rates from other communities. <br /> 111 <br /> Mr. Nelson stated the questions asked at the meeting had also been answered by the employment <br /> requirement in the agreement. He explained that it was low because the penalties are so severe if <br /> the standard is not met. Mr. Nelson stated he expects that a lot of jobs will be created but in case <br /> the building is empty for a period of time, they cannot afford for the project to go away. He <br /> stated the formula came from an appraisal commissioned by the City at their expense. Mr. <br /> Nelson advised they felt the appraisal was inappropriately low. <br /> 4 U:\CARIS\COUNCIL\MINUTES\MVEDA12.APR <br />