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Page 4 - February 8, 2005, New Brighton Council Minutes Motion by Council Member Doffing, seconded by Council Member Hoffman, to give Staff Recommendation to waive the reading and adopt the attached ordinance Imendment, amending Section 4-490; paragraph Sa, of the City's Code and direct staff to ublish the text in The New Brighton Bulletin. 5 Ayes - 0 Nays, Motion Carried 3. Public Hearing to consider amending the City Code Section 6-560. Report 05-045. Ordinance No. 727. Mayor Larson opened the Public Hearing The City Planner gave an overview amending Section 6-560 of the City's Code of Ordinances as follows: Section 6-560 of the City's Code of Ordinances is amended as follows: (2) All buildings shall have a height limitation of three stories or forty feet in height, whichever is less. In tho 3roo whioh ic IOC3tod ooct of Hi€)hw3Y 8, south of Highw3Y 96 3nd north of I 694, tAe Buildinq height may be increased by a special use permit. Motion by Council Member Burg, seconded by Council Member Doffing, to give Staff lecommendation to waive the reading and adopt the attached ordinance amendment, mending Section 6-560; paragraph 2 of the City's Zoning Code and direct staff to ublish the text in The New Brighton Bulletin. 5 Ayes - 0 Nays, Motion Carried Council Business 1. Consideration of Agreement with Kilkenny LLC for Purchase of 1300 Old Highway 8 NW for Redevelopment Purposes. Report 05-046. David Black, Assistant Community Development Director, gave an overview of the proposed agreement. Mr. Black explained that meetings with the property owners have been very fruitful in the recent months. Mr. Black outlined the key terms as follows: I . The City will purchase the property for $4,600,000. . The closing date will be not later than April 15, 2005. · The possession date will be not later than January 31, 2006. · Signation will pay rent for the space it occupies between closing and possession dates. . Kilkenny will not be able to rent the portion of the building being vacated. · The parties agree that relocation benefits for Signation will be $800,000. · The City will pay for any mortgage prepayment penalties, which are expected to cost between $200,000 and $300,000. 3. Amending City Code Section 6-560. Report 05-045. Ordinance No. 727. Council Business 1. Agreement with Kilkenny LLC for Purchase of 1300 Old Highway 8 NW for Redevelopment Purposes. Report 05- 046.