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Page 9 August 24, 1998 Mounds View City Council 3. Get permission to put together an application with the Department of Trade and Economic Development for grant funds 4. Get permission to continue discussion with Metropolitan Transit for a transit hub/park n' ride facility John Siepert, speaking on behalf of the developer, reviewed for the Council the ownership structure that would be put into place for the proposed Mermaid Project. It was stated there would be two different owners involved in the project. One would be the owner of the hotel complex, Mr. Hall (80 percent) and JCS Development (20 percent). The other would be the owner of the banquet facility, Mr. Hall exclusively. JCS Development will be the developer of the hotel portion of the project. The financial lenders have showed great interest in the project but no firm financial package had been put together at the time of this meeting. Carroll gave his report as follows: A discussion has been initiated with Metro Transit in regards to the possible development of a Park & Ride facility to be located on the expanded Mermaid site, most likely at the corner of • County Road H and Highway 10. The current Park & Ride facility located on the east side of County road H is at or near capacity. As a result, Metro Transit has targeted the Mounds View area for a new Park & Ride location, and plans have been underway to improve and begin using a parking lot on the arsenal property in Arden Hills. The deciding factor as to which site will ultimately be used is where Metro Transit can get the most parking spaces the most quickly at the lowest cost for the longest guaranteed period of time. Jopke told the Council that the Planning Commission actions regarding the Mermaid project could be during the month of October and November. McCarty stated he would feel more comfortable with the schedule if the planning Commission was include prior to the September 28 date, which financially speaking, is the date the City Council is being asked to commit the City to the project. Mr. Siepert, stated he did not for see any problems from the Planning Commission because the property is already properly zoned. The Rice Creek Watershed District has to give its approval for the project and this is scheduled for preliminary approval on September 25. MOTION/SECOND: Koopmeiners/Gunn to approve Resolution No. 5260, a Resolution Authorizing City Staff and consultants to Proceed with a Development Agreement and Other Actions Concerning the Mermaid Hotel and Banquet Facility. • Stigney stated opposition to the Resolution without first getting reaction from the City's residents. He also stated his objection to making a Park & Ride as the gateway to the City of