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9 <br />12 <br />13 <br />14 <br />1.5 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21. <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />City Council Regular Meeting Minutes <br />November 8, 2005 <br />Page 3 <br />C. Consider Resolution 05-088, re: Phase 2 Silver.Lakc Village,Stac_i_c_ Kvilvanghhlers_and <br />Associates. <br />Stacie Kvilvang reviewed the development proposal and terms of development agreement with <br />the Council and indicated that Phase IIA will be comprised of 26 town homes and start in June <br />2006, Phase IIB will be comprised of 90 senior housing units and will start in June 2007, and <br />Phase ICC will be comprised of 55 housing units and will start in June 2008, 'there are seven <br />properties that will need to be acquired. The total project cost is approximately $8 million. <br />Phase II is pretty much identical to Phase I, which was approved. She reviewed land use and <br />development controls, property acquisition, and tax increments. The Phase II development will <br />generate approximately $6.2 million in tax increments and will require approximately $5.8 <br />million. 'the interfund Loan reimbursement will be matte in the maximum amount of $1 million <br />at the discretion of the HRA. She reviewed the below market profit TIF assistance increase, look <br />back provision, condemnation, advancement and reimbursement to redeveloper, master <br />developer fee, default, and Phase II development budget. <br />Councilmember Stille asked how the development proposal compares to the design framework <br />manual for the project. 'Ms. Kvilvang replied it is in tine with what the community wants to see <br />in terms of value. <br />Councilmember Stillc asked regarding the interfund loan what does proof of financing actually <br />mean. Ms. Kvilvang replied the developer must provide proof of committed bank rrnancing. <br />Mr. IVlornson stated the interFund Ioan maximum amount is $1 million. Ms. Kvilvang replied <br />that: is correct, it is repaid through several financing sources, including the sellback of Don's Car <br />Wash, future tax increments, and any excess tax increments from the development. <br />Mr. Morrison asked ifthere would be a'IIF note for each phase. He also asked for clarification <br />on the Phase IIA start date of June 2006. Ms. Kvilvang replied there would be a1`11, note for <br />each phase. She added in June 2006 the developer would request building permits. <br />Councilmember Stillc asked if all three sub -phases are encompassed in the development <br />agreement. M.s. Kvilvang replied correct; but Phase TIC can be refined based on the market. <br />Councilmember Thuesen asked what is a patio home. Ms. Kvilvang replied usually a town ]ionic <br />but with a higher value of approximately $350,000 each. <br />Mayor Faust indicated two properties have purchase agreements and asked if independent <br />appraisals have been done. Ms. Kvilvang replied she would refer the question to the developer. <br />Councilmember Stille asked the timeframe to payback the'FIF notes. Ms. Kvilvang replied <br />everything is set up on a 26 -year district; however, the time has shortened so probably 24 years. <br />Mr. Morrison asked if there would be one TIF note encompassing Phase I and Phase II. Ms. <br />Kvilvang replied they world be underwritten as two separate notes due to financial risks. <br />Councilmember Stille asked about acreage. Ms. Kvilvang replied Phase IIA is about 2.5 acres, <br />Phase IIB is about 1.5 acres, and Phase TIC is about 3/4 acres, for a total of about 4 3/4 acres. <br />K <br />