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September 14, 2010 Page 3 of 6 10. Consideration ofApplication for a Solicitor License for Window Concepts ofMinnesota, Inc. 9. Consideration of Report No. 10-208. ProposalsforcityPrc em 10.5, WaterTreatrnen t Plata and Well House 11. Consideration ofauthorizing ftotdingfor the Recreation Programmer position. 13 a and Boum Report No. 10-209. *Moved to Council Business Reonating. ReportNa 10-207. 12. Consideration to authorize program service level reallocations in the Parks and Recreation 10. Cameleratiar of Department. Report No. 10-210. *Moved to Council Business Applicationhate License for Windonclo w Conceptsofmrmesota, 13. Consideration of Partial Payment 1 for Project 10-6, WTP#1 Upper Roof Replacement. Inc Report No. 10-208. Report No. 10-211. - 11. ConRderr4ion of aidvn ngfun&ngfbr 14. Consideration ofresolution appointing volunteers to the Parks, Recreation& Environmental dt Reauedm commission. Repan No. 212. Resolution No. 10-059. P1 Dom°"°Y1 pftw °" RepoitAb.14209. 15. Consideration ofapproval oftravel to DCforMawwrJacobsen and Citymanager Later 12 Connde awnto . Report No. 10-213. *Moved to Council Business aAonzepmgrcana tewl nrllaemiowin dw Pan$sandRa7eion DzpmvneW Rep rim.. Motion by Councilmember PhMips, seconded by Councibnember Bauman to approve the Consent 10-210. Agenda as amended. 13.Con dwaoonof Partial Payment I for Project 10-6, W'I1PN1 5 Ayes, 0 Nays, Motion Carried cerner ReportNa 10-2111. 14.Censideadm of Public Hearin E nsohaion appointing volunteers to the Pad6, None Recreation & Envzu nmaal Council Business corrurussion. Report No, 212. 1. Consideration of Tenn Sheet with Stuart Development Company for an apartment project in he Resohmot No. 10-059. Northwest Quadrant. Report No. 214. Resolution No. 10-060. 15comaim, O appro"ofdmrl to DC Director Femehus explained that City staff has been in discussions for a couple of months with Stuart forAbyor✓acobsanand Development Company (Stuart) about a potential apartment project in the Northwest Quadrant. Cngd&vagercoam The company has agreed to the City's demand for a higher land value ($1,250,000). Stuart ReponlVo.10-213. will pay $200,000 at closing and then carry the balance ($1,050,000) as a partial forgivable/ Pudic Hearne deferred loan. Starting in 2013, the City will forgive 10% ($55,000) per year for 10 years. At the None end of 10 years, the City will have forgiven $550,000, at which time the redeveloper will start making $50,000 annual installment payments. These payments will continue for 10 years and Council Business I.Conidemonof the City will eventually collect $700,000 for the land. The redeveloper also needs $1,200,000 Tem Shaer with Stuart cash assistance from the City. This money is available through TIF cash reserves that can be any �ap"trnent used for projects which are started by June 30, 2011. The Minnesota Legislature adopted ect inrheeNortllavetpgeU these rules during the 2010 session under the Jobs bill. The developer has agreed to enter Quadrant into a minimum assessment agreement. The developer has requested the Park Dedication Fees Report No. 214. be paid over a over a period of ten years; beginning in 2013. A look back provision is proposed, Resolution No. 10-060. where the developer would share any cost savings with the City at the end of construction, the second look back provision addresses any surplus in the event of the sale of the building. There is a significant amount of work that needs to be done in the next several months. If the term sheet is approved, staff will start working with development counsel (Hoff, Barry & Kozar) on a Contract for Private Redevelopment. Councilmember Phillips recommended council consider looking at the future payments for the