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City Council Regular Meeting Minutes August 26, 2003 • Page 8 Councilmember Faust asked if a resident living in affordable housing would be distinguished 2 from a resident who was not. Mr. Morehouse replied the only difference would be in the amount 3 of rent paid. He discussed the income ranges that would qualify. 4 5 Mr. Pratt indicated he had just come back from judging smart growth projects and had seen 24 6 projects from across the country. He stated the projects that came to the top were the ones that 7 had a good solid team and a city that wanted to share in the end result. He agreed the project 8 seemed like a huge undertaking and asked if St. Anthony was willing to take the risk. He added 9 he did not have all the answers; however, he had assembled the best possible team with 10 experience and financial strength. 11 12 Mr. Pratt explained the entire project would go up at once, which would make an immediate 13 impact proving it would really happen. 14 15 Mr. Pratt indicated the team was open to suggestions regarding the name of the development. He 16 noted the Village at St. Anthony was chosen to point out this was happening in St. Anthony 17 Village and not in one of the surrounding cities. 18 19 VII. GENERAL POLICY BUSINESS OF THE COUNCIL. 20 A. Review and approve TERM Sheet. 21 Stacie Kvilvang, Ehlers and Associates, Inc., noted progress had been made in the financing 22 while pushing for final review. She indicated the framework would be presented at the next It meeting and public hearings would be held regarding the final terms of agreement. She explained work had been done refining the numbers, along with establishment that the developer 25 was using the same numbers. Ms. Kvilvang reviewed the procedures involved. 26 27 Ms. Kvilvang discussed bringing the housing and commercial components together into a more 28 unified package. She added, between grant requests and park dedication fees, there was a gap in 29 the park development financing. She indicated discussion regarding park development was 30 ongoing, as it was realized this was important for the City. She noted phasing would be 31 considered for that part of the development. 32 33 Ms. Kvilvang explained the concept of fiscal disparities, noting communities could choose to 34 pay within the district or outside the district. She discussed the ramifications of each choice and 35 stated she understood the City wished to use fiscal disparities within the district, if at all possible. 36 37 Ms. Kvilvang stated she anticipated the preliminary TERM sheet would be before Council in two 38 weeks. 39 40 Councilmember Faust stated he was concerned the TERM sheet had not been available for the 41 current meeting. He added, even though this project was anticipated, residents were not going to 42 be jeopardized for its completion. He stated a decision had been made not to go outside the 43 district for the fiscal disparities and that issue needed to be resolved. 44 Councilmember Faust stressed time was getting short, noting he was speaking personally and not it for the rest of the Council. He stated he hoped what was good for Ehlers and what was good for 47 the City would mesh.