2006.02.06 CC Minutes - Laserfiche WebLink

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City Council meeting of February 6, 2006 Page 4 APPROVE REDUCTION OF LETTER OF CREDIT FOR WATERS EDGE SOUTH Pulte Homes of Minnesota, developer, has requested the City reduce the letter of credit being held for the newly constructed public and private improvements in the Waters Edge South development. The City would continue to hold the Letter of Credit (15% of the original amount) until one year following a final acceptance of the projects by the City. Adoption of the Consent Agenda reduced the letter of credit for Waters Edge South to $760,586. APPROVE REDUCTION OF LETTER OF CREDIT FOR WATERS EDGE SOUTH 2ND Pulte Homes of Minnesota, developer, has requested the City reduce the letter of credit being held for the newly constructed public and private improvements in the Waters Edge South 2"d development. The City would continue to hold the Letter of Credit (15% of the original amount) until one year following a final acceptance of the projects by the City. Adoption of the Consent Agenda reduced the letter of credit for Waters Edge South 2"d to $290,892. APPROVE REDUCTION OF LETTER OF CREDIT FOR WATERS EDGE SOUTH 3" Pulte Homes of Minnesota, developer, has requested the City reduce the letter of credit being held for the newly constructed public and private improvements in the Waters Edge South 3`d development. The City would continue to hold the Letter of Credit (15% of the original amount) until one year following a final acceptance of the projects by the City. Adoption of the Consent Agenda reduced the letter of credit for Waters Edge South 3`d to $79,813. 2005 YEAR -IN -REVIEW AND BUILDING DEPARTMENT REPORT Each year, City staff presents Council with a year -in -review highlighting accomplishments of Council with regard to City goals. City Administrator Mike Ericson presented Council with a PowerPoint presentation, which included City accomplishments, groundbreaking ceremony, and City milestones, with a final presentation by CD Director Bryan Bear of the City's record setting 2005 building report. DISCUSSION ON JANUARY 18, 2006 OPEN HOUSE FOR DOWNTOWN PLAN AND PROPOSED NEXT STEPS On Wednesday, January 18, 2006, the City held an open house and invited residents and business owners to view the City's completed downtown plan, downtown market study, and tax increment financing plan for the formal development of the City's new downtown. Attendance numbered over 130, not including Council and EDA members. Staff was very pleased with the turnout, but more importantly, the support for the project was reflected openly in conversation and comment with residents and business owners. As Council is aware, the EDA has been working on this issue, with a proposed NEXT STEP PLAN. Council member Haas discussed the draft letter to TIF district property owners and suggested the letter emphasize that development will be done by private business, not the City. Miron made motion, Petryk seconded, to approve draft TIF district letter as amended, and submit to City Attorney Dave Snyder for his review. All aye. Motion Carried.