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City Council Regular Meeting Minutes November 14, 2006 Page 5 1 City Manager Morrison explained that in 2005 representatives from Ramsey County met with 2 City officials to discuss the possibility of permitting Hennepin County residents to use the 3 compost and yard waste facility as there was none closer. He stated a pilot program was 4 established to determine the level of use and the facilities ability to take in the additional yard 5 waste. He reported that in September 2006, City Council directed Staff to approach Ramsey 6 County to discuss extending this program into a multi -year agreement. City Manager Morrison 7 reported the resolution would be presented to the Ramsey County Board on November 28, 2006 8 for approval. 9 10 Motion by Councilmember Gray, seconded by Councilmember Stille, to Approve Resolution 06- 11 082, a Resolution Approving the Joint Powers of Agreement with Ramsey County for Use of 12 Yard Waste Management Sites. 13 14 Motion carried unanimously 15 16 C. Resolution 06 -083; Fifth Amendment to the Redevelopment Agreement for Silver Lake 17 Village. 18 19 Ms. Stacie Kvilvang, Ehlers and Associates, explained resolution 06 -083 is the fifth amendment 20 to the redevelopment contract with Apache Redevelopment LLC for the Silver Lake Village 21 development area. She stated there are two sections to amend. Ms. Kvilvang indicated the first 22 is section 10.1 whereby the developer was to begin constriction of Phase 1B For Sale Housing 23 Development by July 1, 2006, the condominium buildings three and four. Ms. Kvilvang stated 24 the second is section 12.1 referring to the issuance of a TIF note in the amount of $3,432,758. 25 26 Ms. Kvilvang further explained section 10.1 in that construction of buildings three and four 27 was to commence by July of 2006. She reported the developer stated construction of building 28 two has been moving along in a timely manner and anticipates beginning construction of 29 building three in the summer of 2007 and building four by the summer of 2008. Ms. Kvilvang 30 stated the developer requested the dates of the original contract be amended to state construction 31 would commence by September 1, 2007 and September 1, 2008 respectively. She explained the 32 delay in construction of both buildings is only one year from the original projection as part of the 33 sizing of the TIF note. She explained that due to the increased value of the property than 34 originally projected, the one -year delay would not jeopardize or decrease the amount of the TIF 35 needed to satisfy the required pay -as- you -go TIF note. 36 37 Ms. Kvilvang stated relative to the TIF note in the amount of $3,432.758, the developer is 38 requesting the note be prorated accordingly between buildings three and four. She stated this 39 would give the developer a better chance to obtaining a better financing rate and would decrease 40 carrying costs to the project overall. She explained if the note were prorated, the rates would be 41 $1.7 and $1.8 million respectively. 42 43 Councilmember Stille asked if there is risk in splitting the note explaining the TIF was 44 designated to put certain infrastructures in place. 45