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M WHEREAS, the City Council and Amcon St. Anthony, LLC ("Amcon") entered into a Development Agreement dated November 3, 2003, for the area known as St. Anthony Marketplace (the "Development Agreement"); and WHEREAS, the Development Agreement obligated Amcon to construct a 6000 square foot restaurant on a particular out lot with a lease commencement date not later than September 1, 2004; and WHEREAS, in .lune 2005, Amcon requested an amendment to the Development Agreement changing and reducing the 6000 square foot restaurant on the out lot to a 4500 square foot retail center, and a payment of $150,000 in lieu of lost future property tax revenue, which request was denied by the City Council; and WHEREAS, on August 16, 2005, Amcon presented the planning commission a plan with a 4500 square foot restaurant on the out lot instead of the proposed 6000 square foot restaurant; and WHEREAS, construction of the restaurant is proposed to commence late summer/ early fall 2005; and WHEREAS, this amendment would eliminate the City's recapture right if the building is not substantially complete within eight (8) months of approving this modification and issuance of a building permit; and WHEREAS, the proposed restaurant would lease space to St. Anthony Sports Boosters to house their pull -tab operations. However, the operator would have the option to cancel the lease if the pull -tab operation is driving the ratio of food -to -liquor sales below the 50% minimum. NOW, THEREFORE, BE 1T RESOLVED by the City Council of St. Anthony to approve the amendment to the Development Agreement with Amcon to allow for a 4500 square restaurant on the out lot