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City Council Regular Meeting Minutes August 10, 2010 Page 4 1 Councilmember Stille inquired whether there are any deadlines or urgency associated with 2 Council approval of the proposed development agreement. Ms. Kvilvang replied there is no 3 urgency associated with the development agreement. Staff will meet with the developer and 4 bring back revised deal points based on direction from the Council. 6 Mayor Faust commented that while the Council is understanding of the current economic times, 7 they must protect the City and must complete the necessary due diligence. 8 9 Councilmember Gray requested that Council be provided with further information on the options 10 for consideration. City Attorney Lindgren advised on the following two options that are 11 essentially before the Council: 1) Negotiate a deal with the developer with further refinement of 12 the proposed agreement based upon Council direction; 2) Proceed with default remedies in 13 accordance with the current default situation. 14 15 Councilmember Gray stated his position that there should be priority in paying off Fannie Mae 16 as opposed to the makeup note requested by the developer. He clarified that he would like to be 17 provided with additional information on the ramifications of the options in the long term. City 18 Attorney Lindgren advised that he would recommend presenting options with this level of detail 19 at a future date. 20 21 Motion by Councilmember Stille, seconded by Councilmember Gray, to table Resolution 10- 22 056; Relating to Phase III Redevelopment Agreement By and Among the City of St. Anthony, 23 Minnesota, The Housing and Redevelopment Authority of the City of St. Anthony, Minnesota 24 and Apache Redevelopment, LLC. 25 26 Mayor Faust made a friendly amendment that Resolution 10-056 be tabled to the September 14, 27 2010 City Council meeting. 28 29 Motion carried unanimously. 30 31 VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. 32 33 City Manager Momson reported on the following: 34 • A representative from the League of Minnesota Cities (LMC) attended yesterday's staff 35 meeting and was given a tour of the City. An orientation for newly elected officials will 36 be put on by the LMC this fall. 37 • Thank you to staff for a very busy week last week, including Village Fest, Night to Unite, 38 and the City Council Work Session. 39 • Staff is talking with Hennepin County about the possibility of a warning device at the 40 pedestrian crossing at Silver Lake Road and 34`h Avenue. 41 • The Fire Department has been awarded a $9,100 fire training grant. 42 43 Councilmember Jenson: No report. 44 45 Councilmember Roth reported on his participation in Night to Unite on August P last week. He 46 thanked the residents that participated, city staff, and city council members.