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