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City Council Regular Meeting Minutes April 23, 2002 Page 7 • Prosser reviewed the Public Assistance portion of the Agreement. He stated that, essentially, it is where the developer forecasts that they may request assistance in site assembly, TIF, Tax-Exempt Bonds, and Community Development Block Grant Funds. Prosser reviewed the next significant change in the Agreement, which was the termination portion. He stated that it provides that the City may terminate the Agreement after December 31, 2002, if they believe and demonstrate that the developer is not diligently pursuing the redevelopment effort. Also included, at the developer's request, is the ability to establish that delay has not been caused in whole, or in part, by the City. Finally, Section 13 has been added, which provides an assignment, which allows the developer to sign the rights under this Agreement to another entity, as long as the developer owns at least 50 percent of that entity. Prosser stated that it is appropriate in a Preliminary Agreement. Prosser concluded that they feel that the changes that are proposed are appropriate and not unusual at all for a Development Agreement of this nature. Prosser suggested that the Council include in the motion that their approval is subject to final review by the City Attorney. • Motion by Councilmember Sparks, second by Councilmember Faust, to adopt Resolution 02-042, re: Considering preliminary redevelopment agreement for the Northwest Quadrant with Pratt-Ordway, subject to the final approval of the City Attorney. Motion carried unanimously. C. Resolution 02-041, re: Consider preliminary purchase agreement with Culver's for 4004 Silver Lake Road. Momson provided the Council with a background of the process,which included that the owner-operators of Culver's will be purchasing Exhaust Pro and, in return, the owners of Culver's will ask for the Hardee's property for the purchase price of$5,000. The future owners, Julie Chien and Steve Sparks, were present to provide the Council with a brief description of the operation. Chien stated that there are currently about 17 Culver's restaurants in the state of Minnesota, and another 90 in Wisconsin. He stated that they currently owner-operate one franchise in Vadnais Heights which opened about 15 months ago, and would like to open another franchise in the next 12 months. Chien indicated that there are 160 seats in the restaurant, one of the largest, with some seating reserved for meetings, birthdays, and other large parties. Chien stated the restaurant is a non-reservation, non-smoking, owner-operated business. She added that it is lunch and dinner only, with no liquor license.