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Stille — He would have difficulty in supporting if the City can save $500,000. <br />Gray - He has concerns about the numbers and does not feel we should move ahead with <br />the project. <br />Roth — Feels like we should not move forward with the project. <br />Direction to Staff - pay Johnson Controls the $20,000.00 and not move forward. <br />Silver Lake Village Development <br />Kvilvang /Lindgren — Discussed the changes in the 1B Housing Development concept. <br />Lindgren — indicated the City could move forward with a default with the present <br />agreement or work with the developer and revise the agreement. <br />Faust — asked about the limited levy of return on investment and if this would impact the <br />TIF? <br />Lindgren — stated that the limited level of return is capped to retain affordability. <br />Kvilvnag — stated that it does impact our TIF and there is a loss in taxes when the TIF is <br />decertified. <br />Lindgren — stressed the need to reach 60% of pre -sold units or have financing in place <br />within 12 months. <br />Faust — stated that Pratt does keep an element of quality with his projects and will have to <br />meet the design requirements of the agreement. Faust felt the changes are responding to <br />the market and they are adjusting the project accordingly. <br />Gray - does not want the developer to pull out of the project. <br />Faust — What happens to the Fannie Mae loan? <br />Lindgren - Fannie Mae is a pay -off by the end of 2008 with no extension. <br />Stillie — this revision would be a better option than forcing the issue with the developer <br />but indicated he wants to maintain quality. <br />Thuesen — working with Pratt has been favorable and wants to continue working with <br />them. <br />Roth — wants to keeps the project moving forward with the redevelopment. <br />