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• <br /> Ap n- 1 1E <br /> Page 3 � � � D <br /> • August 11, 1997 <br /> Mounds View City Council <br /> Sewer and Water-Expires June 30. 1998 <br /> Kuehn Excavating-New <br /> MOTION/SECOND: Trude/Quick to approve the Consent Agenda as presented. <br /> VOTE: 4 ayes 0 nays Motion Carried <br /> RESIDENTS REOUESTS AND COMMENTS FROM THE FLOOR: <br /> Acting Mayor Koopmeiners explained that this is the time for residents to address the council with concerns on <br /> items that are not on the Agenda. <br /> Ms.Pamela Sheldon,7640 Woodlawn Drive,took this opportunity to thank the City Council,Planning <br /> Commission,city staff and residents for the opportunity to work with such a fine group of people over the past <br /> year. She noted that it has indeed been one of the best experiences of her career. <br /> Mr.Whiting read a plaque which he then presented to Ms. Sheldon on behalf of the City Council, <br /> acknowledging her for her dedicated service to the City of Mounds View. <br /> William Werner,2765 Sherwood Road,asked if the$230,000 Tax Increment Financing Loan which MSP Real <br /> • Estate is requesting as a part of the Silver Lake Commons Project is a deferred interest loan. <br /> Mr.Whiting explained that it is a loan with a deferred payment,having a 1%annually incurred interest with a <br /> balloon payment at the end of the 30-year term. <br /> Mr.Werner stated if MSP Real Estate paid$2,000 per year interest over 30 years,it would amount to <br /> $60,000. If the$230,000 were invested it could double within 15 years. It seems to him that this is a very <br /> good deal for the developer and he feels it would be helpful for the Council to explain this more thoroughly to <br /> the residents. <br /> Bruce Braesele,5127 Long Lake Road,stated as a Planning Commissioner he voted in favor of Silver Lake <br /> Commons as he had no legal basis for not doing so. As a resident,however,he opposes the project as he feels <br /> Mounds View has an adequate number of low-income housing units,with a higher percentage than any other <br /> suburb in the Twin Cities area. Furthermore,he was not aware that the developer would be asking for Tax <br /> Increment Financing in addition to obtaining a grant from the City of Minneapolis. Taking this into <br /> consideration,he wonders how much risk the developer is really taking and therefore how much interest they <br /> really have in the project. He also has some concern with this particular developer as they seem to want to <br /> "railroad"this development through. He stated he feels the city would be better off strictly enforcing the <br /> housing codes which would force the owners to make necessary improvements to the existing apartments. He <br /> feels perhaps if a"for sale"townhouse project were put in the area,residents would take more of an interest in <br /> their property. As a resident,he is strongly opposed to the project. <br /> David Jahnke,8428 Eastwood Road,stated he has a lot of reservations as to the Silver Lake Commons <br /> development project as well. He is not sure that grouping low income families together in a development is <br /> really helping those families. He also wondered why the public hearing for the development project was not <br /> published in the Focus or the New Brighton Bulletin newspapers. It appears that the notice was only <br /> • published in the St.Paul Pioneer Press. In regard to the city's inability to market the property commercially, <br /> he does not feel that one year is a significant time to have commercial property on the market. He asked that <br />