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City Council Regular Meeting Minutes <br />March 23, 2021 <br />Page 4 <br /> <br />Motion by Councilmember Walker, seconded by Councilmember Randle, to adopt Resolution 1 <br />21-025; a Resolution adopting a modification to the development program for redevelopment 2 <br />project area No. 3 and establishing the Lowry Grove TIF District therein and adopting a Tax 3 <br />Increment Financing Plan therefor. 4 <br /> 5 <br />Motion carried 5-0. 6 <br /> 7 <br />B. Resolution 21-026; a Resolution authorizing an interfund loan for advance of certain 8 <br />costs in connection with the Lowry Grove TIF District. 9 <br /> 10 <br />Mayor Stille opened the public hearing at 7:33 p.m. 11 <br /> 12 <br />Ms. Stacie Kvilvang, Ehlers & Associates, reviewed Council is requested to consider adoption of 13 <br />Resolution #21-026 Authorizing an interfund loan for advance of certain costs in connection 14 <br />with the Lowry Grove TIF District. 15 <br /> 16 <br />Mayor Stille closed the public hearing at 7:34 p.m. 17 <br /> 18 <br />Motion by Councilmember Webster, seconded by Councilmember Jenson, to adopt Resolution 19 <br />21-026; a Resolution authorizing an interfund loan for advance of certain costs in connection 20 <br />with the Lowry Grove TIF District. 21 <br /> 22 <br />Motion carried 5-0. 23 <br /> 24 <br />V. REPORTS FROM COMMISSION AND STAFF – NONE. 25 <br /> 26 <br />VI. GENERAL BUSINESS OF COUNCIL. 27 <br /> 28 <br />A. Resolution 21-027; a Resolution authorizing the execution of a Redevelopment 29 <br />Agreement. 30 <br /> 31 <br />Ms. Stacie Kvilvang, Ehlers & Associates, reviewed in June and September of 2020, the City 32 <br />Council reviewed and discussed a request for public financial assistance from Development 65 in 33 <br />connection to the Hayden Grove Senior Living project at a work session. The terms of the TIF 34 <br />Agreement are as follows: 35 <br />General 36 <br />a. Redevelopment Agreement is between the City, HRA and SA Senior Living LLC for the 37 <br />Development 65 Project. 38 <br />b. Developer has deposited $10,000 escrow with the City to pay for all legal and financial 39 <br />consultant work in conjunction with sizing of the TIF note and preparation of the TIF 40 <br />agreement. If $10,000 is not adequate, the developer is required to deposit additional 41 <br />funds until all costs are paid in full. 42 <br /> 43 <br /> Development and Timing of Construction 44 <br />a. Construction of an approximately 135-unit senior care facility with independent living, 45 <br />assisted living and memory care units. 46 <br />4