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{ f <br /> contribution to the project in a specified amount unless the Developer can justify an <br /> inability and/or an unwillingoess and/or the absence of a need to do so. <br /> —A requirement that the Developer be reimbursed for only that portion of the project <br /> costs that exceeds the cash equity requirement(if any)referred to above, subject to any <br /> other applicable ceilings or limitations. <br /> —A requirement that the cash equity investment(if any)be made in full before the <br /> Developer begins to receive any project cost reimbursement(s)to which it may be <br /> entitled under the Development Agreement. <br /> --A requirement that the City be obligated to reimburse to Developer for only those <br /> projects costs for which the Developer has submitted paid invoices or other acceptable <br /> evidence of payment. <br /> —A requirement that the City not be required to convey the Rent-All site (assuming <br /> that the City is able to acquire it) to the Developer until the Developer has acquired <br /> all of the other parcels required for the project. <br /> —Clarification regarding the need,if any,for personal guarantees on the part of <br /> principals of the Developer. <br /> City staff assured the EDC that their thoughts and recommendations would be <br /> conveyed to the Developer,the City Council and other interested parties. <br /> • B. Comprehensive Guide Plan(Economic Development section) <br /> Discussion of this agenda item was deferred to a future meeting due to time constraints. <br /> 6. REPORTS FROM CHAIR, COMMISSIONERS,AND STAFF: <br /> None. <br /> 7. ADJOURNMENT <br /> There being no further business before the Commission,this meeting of the Economic <br /> Development Commission adjourned ata roximatee 9:30 a.m. <br /> Res dully Submit d, <br /> Carroll <br /> ' nomic Develop t Coordinator <br /> • <br /> \\MOUNDS VIEW\SYS\DATA\GROUPS\ECONDEV\EDA EDC\EDC\EDCMIN98\EDCMINI2.DOC <br />