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Page 9 — December 12, 2006 New Brighton Council Minutes <br />does not seek properties based on appearance, only for the reason of redevelopment or for <br />nvironmental cleanup. Councilmember Burg reported that she did support this purchase, <br />ecause of the proposed redevelopment from County Rd E to Hwy 96 along Old Highway <br />Councihnember Doffing stated that the Council should let the public know the <br />robability of creating a TIF district early on in the acquisition process. <br />Ms. Trona stated that the Council approved the purchase of this property, knowing that the <br />creation of a TIF district would be the only way to recoup the costs incurred. <br />Motion by Council Member Hoffman, seconded by Council Member Burg to waive the <br />reading and approve the attached resolution modifying the City's development <br />program and authorizing the establishment of Tax Increment District 433. <br />4 Ayes - 1 Nays, Motion Carried <br />Ayes: Mayor Larson, Councilmembers Hoffman, Burg and Bauman. <br />Nays: Councilmember Doffing. <br />8. Consideration of Term Sheet for the Sale of Property at 715 Old Highway 8 <br />NW. Report No. 06-288. <br />ssistant Director of Community Development, David Black reported that there was a <br />developer interested in the site. The demolition and site clean-up was completed in the fall. <br />Timbercraft, who originally expressed interest, had two of their tenants withdraw but they <br />continue to search for tenants. A tern sheet was negotiated, and the price would remain the <br />same; $175,000. The developer would have until March 1, 2007 to market the site. <br />Motion by Council Member Burg, seconded by Council Member Hoffman to approve <br />the attached term sheet for the sale of 715 Old Highway 8 NW and authorize staff to <br />negotiate and execute a development agreement consistent with those terms. <br />5 Ayes - 0 Nays, Motion Carried <br />9. Consideration of Resolution Awarding Sale of Residual TIF Notes Regarding the <br />Purchase of Midwest Asphalt's Property in the Northwest Quadrant. <br />Report No. 06-289. Resolution No. 06-123. <br />8. Consideration of Term <br />Sheet for the Sale of Property <br />at 715 Old Highway 8 NW. <br />Report No. 06-288. <br />9. Consideration of <br />Resolution Awarding Sale of <br />Residual TIF Notes Regardin <br />the Purchase of Midwest <br />Asphalt's Property in the <br />Northwest Quadrant. <br />Report No. 06-289. <br />ResolutionNo.06-123. <br />