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City Council Regular Meeting Minutes September 14, 2010 Page 4 2 4 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 VII. 45 46 Councilmember Gray verified that the development agreement is contingent upon receipt of the proof of the $2 million loss in the project. Councilmember Stille noted there had been discussion about the City being reimbursed for its investment and repayment of the Fannie Mae loan and administrative costs for the project as part of the refunding and rewrite on the bonds, versus being paid 50/50. The idea was that these fees benefit the entire property and that the master developer had a stake in that. Ms. Kvilvang replied that staff presented this request and the response was that the developer only has 50% ownership in the Silver Lake Homes and is only able to negotiate their half away. Motion by Councilmember Roth, seconded by Councilmember Stille, to approve Resolution 10- 056; Resolution Relating to Phase III Redevelopment Agreement by and Among the City of St. Anthony, Minnesota, The Housing and Redevelopment Authority of the City of St. Anthony, Minnesota and Apache Redevelopment, LLC. ("The Developer) City Attorney Lindgren advised that the Phase III Development Agreement has been prepared in draft form and will be completed within a few days. The proposed resolution gives the Mayor and City Manager authority to proceed with the agreement. Mayor Faust asked if the developer agreed to the points of the agreement. Ms. Kvilvang replied that the developer has agreed with the deal points as discussed. Motion carried unanimously. B. Resolution 10-060; Setting: the City of St. Anthony Proposed 2011 Tax Levy and Budget in Compliance with the Truth in Taxation Act. Mike Mornson, City Manager, and Roger Larson, Finance Director, presenting. City Manager Mornson and Finance Director Larson provided a PowerPoint presentation on the Proposed 2011 Budget. The presentation included the information presented at the August 24, 2010 City Council meeting. City Manager Mornson reviewed the proposed resolution setting the City of St. Anthony Village Proposed 2011 Tax Levy and Budget. Mayor Faust commented that keeping the general levy flat for three years may put the City at risk at some point. The City Council understands the work done by the department heads and staff, and they are also sensitive to what goes on in the economic times. Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve Resolution 10-060; Setting the City of St. Anthony Proposed 2011 Tax Levy and Budget in Compliance with the Truth in Taxation Act. Motion carried unanimously. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. City Manager Mornson reported on the following: