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4 UNAPPROVED <br /> EDA Page Two <br /> Meeting No. 6 August 8, 1994 <br /> 3 <br /> 4 <br /> 5 terms will expire December 31, 1994. All applicants were qualified <br /> 6 for appointment to this Commission and those applications of those <br /> 7 not appointed to this Commission will be retained for vacancies on <br /> 8 this Commission. President Linke recommended Commissioner Gary <br /> 9 Quick serve as liaison to this commission. In the past, <br /> 10 Commissioner Quick's work schedule has made it difficult for him to <br /> 11 participate in other City Commissions and currently he is not <br /> 12 assigned as a liaison to any commission. The EDC is a good <br /> 13 opportunity for Quick to participate as a liaison to a citizen <br /> 14 group. <br /> 15 <br /> 16 MOTION/SECOND: Wuori/Blanchard to Adopt Resolution No. 94-EDA12 <br /> 17 Appointing Members to the Economic Development Commission <br /> 18 <br /> 19 VOTE: 5 ayes 0 nays Motion Carried <br /> 20 <br /> 21 B. Consideration of Resolution No. 94-EDA13 Approving and Authorizing <br /> 22 the Execution of a Revised Development Assistance Agreement with MSP <br /> 23 Real Estate, Regarding Silver Lake Pointe Apartments <br /> 24 <br /> 25 Cathy Bennett, Economic Development Coordinator, reported that Jeff <br /> 6 Huggett of MSP Real Estate contacted Paul Harrington, Community <br /> Development Coordinator, and requested an extension of the "drop <br /> dead" date of December 31, 1995, reference in Article III, Section <br /> 29 3 . 1 of the Agreement, to June 30, 1996. Bennett explained that the <br /> 30 drop dead date is the date the developer must complete the <br /> 31 improvements in accordance with the approved construction plans.' <br /> 32 <br /> 33 Bennett explained that the reason for the request for extension of <br /> 34 the "drop dead" date was that MSP's construction lender was <br /> 35 concerned with the project having to be completed in one year and <br /> 36 that 18 months is typically requested for completion of such a <br /> 37 project. Bennett also noted that since this is a pay-as-you-go <br /> 38 assistance agreement, the extension of the date does not pose a <br /> 39 financial burden on the City, it merely defers the date in which the <br /> 40 tax increment is incurred. This would be a one year extension. <br /> 41 Paul Harrington, Community Development Coordinator, after discussion <br /> 42 with President Linke and a bond attorney at Briggs and Morgan, <br /> 43 prepared a letter expressing strong support from the community and <br /> 44 EDA for a successful, expedient project. <br /> 45 <br /> 46 President Linke stated that before the letter was drafted, Paul and <br /> 47 Cathy conferred with him in regard to the request from MSP. <br /> 48 <br /> 49 Discussion evolved among the EDA Commissioners regarding the reasons <br /> 50 for the extension request and regarding the date of project <br /> 51 construction. <br /> 4 <br />