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Rousing and Redevelopment Authority Meeting Minutes May 11, 2004 •Page 4 noted the preliminary plan reviews were scheduled to come before the Planning Commission and Council in June. Ms. Kvilvang noted the site would be very different and would transform the overall look of the community. 7 Ms. Kvilvang stated SAV 1 was scheduled to open June 1. She added residents would be 8 pleased, as the building was attractive. She indicated Mr. Larson would be reporting great things 9 regarding sales in the next several years. 10 11 Ms. Kvilvang indicated a CIC plat was filed with the County; however, due to time turnaround, 12 there was no guarantee the plat would be back for a June 1 formal closing. She explained a 13 license agreement was being prepared that would allow the City to move in and operate, renting 14 the space for 81 per month, for example, until the plat was recorded and a formal closing could 15 take place. 16 17 Ms. Kvilvang noted additional leases for the site were signed, with more leases hopefully signed 18 by the following week. She indicated that left only one unrented bay. She explained the 19 developer was making a conscious effort to consider parking concerns and working towards 0 compatibility with the restaurant's use of the parking spaces. 22 Ms. Kvilvang stated the lease with Spectators was being finalized and Spectators would 23 hopefully open in the fall or late during the current year. She added additional work needed to be 24 done regarding Sports Boosters' license agreements and a liquor license. 25 26 Ms. Kvilvang noted 38 apartment units were being planned for the LaNel site, indicating the site 27 comprised the five vacant single properties next to Autumn Woods. She explained closing was 28 delayed mostly due to economies of scale related to the 38 units and construction costs, which 29 was making it difficult to obtain financing. She stated there was a 15% vacancy at the current 30 facility; therefore, they wanted to make sure the new units could be leased. She indicated 31 construction costs would be rebid and other creative things done to get the project underway. 32 33 Commissioner Faust indicated Council was good about using the name Silver Lake Village for 34 the Apache Plaza site. He asked if a name had been given to the shopping center at the 35 Stonehouse location. Ms. Kvilvang responded she did not believe a formal name had been given 36 to the shopping center and suggested Council could recommend a name. 37 38 Commissioner Faust noted it would be nice to differentiate the shopping center rather than use 39 the past name, which would shortly be irrelevant. Ms. Kvilvang responded she would have 40 suggestions brought before Council. 6 Mr. Morrison suggested Council might wish to give LaNel a "drop dead" date, as the City still 43 owned the property. He noted their PUD was approved and recommended a time frame for the