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September 14, 2010 <br />Park Dedication Fees, and would like to be sure the contract includes the appropriate language, <br />as well as review the future value as part of the contract. Councilmember Phillips commented he <br />was very pleased with the site plan submitted. Councilmember Burg suggested considering an <br />agreement be made where the developer agrees to maintain the adjacent park area. CouncilmemberBauman <br />questioned ifamarket study was done for this type ofproperty in this location. <br />Stuart Nolan replied a formal market study was not conducted, however the developer stated the northern <br />suburbs have been missing class A rental properties over the years. Mayor Jacobsen questioned the occupancy <br />rate, Mr. Nolan reported the vacancy rate in the twin city area is about 41/o. Mayor Jacobsen stated the interest in <br />renting could be attributed to the unstable economy, allowing a shorter time commitment than a mortgage. <br />Mr. Nolan reported the rental community has become more stable over time. <br />Councilmember Bauman stated she is not in agreement with the forgiving of $550,000, and questioned the <br />deferred payment details, and requested payment prior to 2013. Councilmember Bauman reported the City <br />currently has over 301/o rental units, and this is not what she envisioned for the area. Councilmember Phillips <br />reported he understands the difficulty in obtaining commercial mortgages, and reported he was glad to have the <br />opportunities available to get the project underway. Director Femelius reported there are stilldetails to work out <br />with the developer. Councilmember Bauman suggested that because the margin is low, the City is taking a risk, <br />and suggested getting the money up front, instead of waiting until 2023. Mayor Jacobsen stated that while the <br />City is sharing part of the risk, the hope is to share in the gains in the future. <br />Motion by Councilmember Phillips, seconded by Councilmember Burg to direct staff and development <br />experts to finalize a development contract with Stuart Development Company, generally in lime with the <br />term sheet as discussed. <br />' 4 Ayes, l Nays, Motion Carried <br />Ayes: Mayor Jacobsen, Councilmembers Phillips, Samuelson and Burg <br />Nay: Councilmember Bauman <br />2. <br />Consent <br />Bauman stated thatthis itern along with the next item address recent changes in staffing tin the <br />don Department It anticipated this position be primarily focused on Senior progiannning. <br />Bauman suggested the compensation be reduced to $22,000 annually. <br />Motion by Councilmember Bauman, seconded by Councilmember Phillips to authorize the <br />transfer of funds, previously earmarked for the parks non -fleet fund in 2011, to pay for <br />a permanent part-time Recreation Programmer (1040 hours) not to exceed $22,000 <br />total compensation. <br />Councilmember Burg reported the PREC Commission has recently discussed service levels reductions. <br />The staffis no longer able to keep up with the current service levels. Mayor Jacobsen suggested it maybe <br />premature to determine what programs and services may be reduced until the 2011 budget is formally <br />adopted. <br />Page 4 of 6 <br />2. Con%dauwn of <br />mr/ "OWfiW&_9for <br />1heP"reAm <br />P_ffl nermw_ <br />ReFonNa /0-209. <br />