CC MINUTES 09252007 - Laserfiche WebLink

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City Council Regular Meeting Minutes September 25, 2007 Page 3 1 Councilmember Stille commented this industrial area has become more office building focused. 2 He stated a daycare is not necessarily perfect, but as it is discussed, further it could be sorted out 3 as to its appropriateness in the industrial area. 4 5 Mayor Faust stated the antenna was disapproved not because a daycare in the area, rather it was 6 that due diligence was not done by T- Mobile. He stated an antenna could be placed in a light 7 industrial zone and is something to consider. He stated there is time to discuss this in detail. 9 Councilmember Horst clarified his position in that the daycare was a major topic during the 10 discussion of the antenna. 11 12 Commissioner Jensen stated the Planning Commission had guidance from staff that this would 13 not require three readings. He stated the Planning Commission was comfortable with the one 14 reading concept or whatever the Council decided. 15 16 Mayor Faust replied Council felt it would be better to do the three readings. 17 18 Commissioner Jensen commented the Comprehensive Plan is out for review and commented the 19 existing buildings in this location might be better served designated as an office zoning would 20 than leaving it in the light industrial category. 21 22 Motion carried unanimously. 23 24 Mayor Faust reported the second reading would be on October 9, 2007. 25 26 VI. GENERAL POLICY BUSINESS OF THE COUNCIL. 27 28 A. Resolution 07 -067; Sixth Amendment to a Redevelopment Agreement for Silver Lake 29 Village 30 31 Ms. Stacie Kvilvang, Ehlers & Associates, reported that on November 14, 2006, the City 32 approved a fifth amendment to the Redevelopment Contract with Apache Redevelopment LLC. 33 She stated the amendment extended the dates to commence construction of the residential 34 condominium buildings by one year to September 1, 2007 for building #3 and September 1, 2009 35 for building #4, and it split the TIF PAYG note into two notes. 36 37 Ms. Kvilvang reported that the developer is working with their lender on the financing package 38 for building #3 and anticipates beginning construction by the summer of 2008 and beginning 39 construction of building #4 by the summer of 2009. She reported that, based upon this new 40 schedule, the developer has requested that the dates approved as part of the Sixth Amendment be 41 changed to September 1, 2008 for building #3 and September 1, 2009 for building #4; a one year 42 delay. 43 44 Ms. Kvilvang stated that due to the increased value, this additional one -year delay would not 45 jeopardize or decrease the amount of TIF that would be required to satisfy the required PAYG 46 TIF Notes pursuant to the original Development Agreement.