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1 *walkways be provided from Coolidge Street and Kenzie Terrace <br /> 2 through the project to the shopping center, as proposed by the <br /> 3 developers for the convenience of the area residents; <br /> 4 *restriction of construction between 7: 00 P.M. and 7 : 00 A.M. to <br /> 5 avoid unnecessary disruption of the neighborhood. <br /> 6 The Council also concurs with the Commission recommendation that the <br /> 7 Final Plan for the project should address lighting and signage for <br /> 8 the project as well as provision for resident storage in the buildings <br /> 9 and interior walkways within the project. <br /> 10 Motion carried unanimously. <br /> 11 Mr. Childs advised that the Final Plan, including construction plans , <br /> 12 etc. , would have to be submitted by the redeveloper prior to the <br /> 13 placement of the revenue bonds. <br /> 14 Redeveloper Discusses Financing Problems Due to Raise in Bond Interest <br /> 15 Rate <br /> 16 Mr. Hamel indicated that his firm had anticipated paying 8-1/2% for a <br /> 17 10 year unrated, non-credit enhanced bond issue with a 30 year amor- <br /> 18 tization, but those rates had been raised to 9-1/2% and on October <br /> 19 19th, the same day the neighborhood meeting had been held, Norwest of <br /> 100 St. Paul had raised their charges for backing a Letter of Credit from <br /> .1 1% to 2% for bonds outstanding for more than one year. <br /> 22 The Gaughan Company President told the Councilmembers his company <br /> 23 intended to use every tool they had available to pursue the project <br /> 24 and would continue looking for a financial program which would work <br /> 25 with the construction and developing costs and rents anticipated for <br /> 26 the project. He added that the bond overwriters have said they <br /> 27 anticipated better interest rates after the first of the year. <br /> 28 <br /> 29 Council Accepts Revised Grading Plans for Evanson Project <br /> 30 David Evanson was present to discuss the minor change in elevations in <br /> 31 the plat approved for the parcel of land he owned in the 3500 block <br /> 32 between Silver Lake Road and Belden Drive. The Council agenda <br /> 33 contained copies of the original and revised grading plans, as well as <br /> 34 the City Manager' s November 2nd memorandum to the Planning Commission <br /> 35 members. <br /> 36 Commissioner Wagner indicated the Commissioners had perceived the <br /> 37 revisions actually represented an improvement in the drainage and <br /> 38 recommended Council approval. <br /> 39 Mr. Evanson assured Councilmember Enrooth that he had cleared the <br /> 40 changes with both Mr. Larwick and Mr. Forsberg after the Planning <br /> 41 Commission meeting and both had indicated they found the changes made <br /> �2 his project more palatable. <br /> 6 <br />