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0 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <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 />City Council Regular Meeting Minutes <br />September 25, 2007 <br />Page 3 <br />Councilmember Stille commented this industrial area has become more office building focused. <br />He stated a daycare is not necessarily perfect, but as it is discussed, further it could be sorted out <br />as to its appropriateness in the industrial area. <br />Mayor Faust stated the antenna was disapproved not because a daycare in the area, rather it was <br />that due diligence was not done by'F-Mobile. He stated an antenna could be placed in a light <br />industrial zone and is something to consider. He stated there is time to discuss this in detail. <br />Councilmember Horst clarified his position in that the daycare was a major topic during the <br />discussion of the antenna. <br />Commissioner Jensen stated the Planning Commission had guidance from staff that this would <br />not require three readings. He stated the Planning Commission was comfortable with the one <br />reading concept or whatever the Council decided. <br />Mayor Faust replied Council felt it would be better to do the three readings. <br />Commissioner Jensen commented the Comprehensive Plan is out for review and commented the <br />existing buildings in this location might be better served designated as an office zoning would <br />than leaving it in the light industrial category. <br />Motion carried unanimously. <br />Mayor Faust reported the second reading would be on October 9, 2007. <br />VI. GENERAL POLICY BUSINESS OF THE COUNCIL. <br />A. Resolution 07-067• Sixth Amendment to a Redevelopment Agreement for Silver Lake <br />Village <br />Ms. Stacie Kvilvang, Ehlers & Associates, reported that on November 14, 2006, the City <br />approved a fifth amendment to the Redevelopment Contract with Apache Redevelopment LLC. <br />She stated the amendment extended the dates to commence construction of the residential <br />condominium buildings by one year to September 1, 2007 for building 43 and September 1, 2009 <br />for building 114, and it split the "FIF PAYG note into two notes. <br />Ms. Kvilvang reported that the developer is working with their lender on the financing package <br />for building #3 and anticipates beginning construction by the summer of 2008 and beginning <br />construction of building #4 by the summer of 2009. She reported that, based upon this new <br />schedule, the developer has requested that the dates approved as part of the Sixth Amendment be <br />changed to September 1, 2008 for building 43 and September 1, 2009 for building #4; a one year <br />delay. <br />Ms. Kvilvang stated that due to the increased value, this additional one-year delay would not <br />jeopardize or decrease the amount of TIP that would be required to satisfy the required PAYG <br />TIF Notes pursuant to the original Development Agreement. <br />