CC PACKET 06262012 - Laserfiche WebLink

Home Browse Search

6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 City Council Regular Meeting Minutes June 12, 2012 Page 9 Mayor Faust stated the issue has always been a land use issue and he was disappointed in the path taken by the community in turning religion against religion and people against people. He reiterated this is a land use issue and the City Council has to look at the long term effects on the community. He noted that the City Council denied a CUP for a place of worship on October 25, 2011, in the LI district a couple blocks away from this building. He stated this is not a compatible use with the other buildings and he sees this as spot zoning inside a building that goes against every tenet of good planning. He stated he will not support the CUP request and will support denial of the CUP because of the land use issue. Motion carried 4-1 (Roth opposed). Mayor Faust recessed the City Council meeting at 8:48 p.m. Mayor Faust reconvened the City Council meeting at 8:51 p.m. V. GENERAL BUSINESS OF COUNCIL. A. Resolution 12-054• Relating to a Senior Rental Housing Development Agreement by and among, he City of Saint Anthony, Minnesota, the Housing and Redevelopment Authority of the City of Saint Anthony, Minnesota and St. Anthony Leased Housing Associates I1, Limited Partnership (The "Developer"). Jay Lindgren, Dorsey & Whitney, presenting. City Attorney Lindgren presented the Development Agreement for the Dominium Senior I ousing Project and noted the terms of the Development Agreement are consistent with what was presented by Ms. Kvilvang in May. He explained the Development Agreement calls for the acquisition of one parcel from the HRA and one parcel from Pratt for a total purchase price of $1,216,000 or $8,000 per unit with the City's share of the land sale proceeds of $643,021. He noted there is a purchase price adjustment if estimated construction costs are less than what is estimated and payment can increase up to $10,000 per unit with the City receiving a prorated share. He stated Dominium agrees to execute a Minimum Assessment Agreement of $85,000 per unit for the duration of the tax increment district ending in 2029. He indicated the developer would commence construction no later than September 30, 2013, with the goal to start March 1, 2013, and completion by October 31, 2014. He advised the City will issue a pay as you go TIP Note for $1,023,000 upon execution of the Minimum Assessment Agreement. Ile stated the Development Agreement includes a look back provision that within 60 days of stabilization or 90% occupancy, if the Internal Rate of Return is greater than 20% to the developer, 50% of that amount would go toward reducing the principal amount of the TIP Note. He indicated Dominium will also reimburse the City and HRA for all costs related to negotiating the Development Agreement and Dominium also agrees to pay regular and customary park dedication fees totaling $228,000. Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve Resolution 12-054; Relating to a Senior Rental housing Development Agreement by and among the City of Saint Anthony, Minnesota, the Housing and Redevelopment Authority of the City of Saint Anthony, Minnesota and St. Anthony Leased Housing Associates II, Limited Partnership (The "Developer").