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Council Meeting Minutes June 14, 1994 Page 2 Consent Al!enda Motion by Williams, seconded by Samuelson, to APPROVE THE CONSENT AGENDA ITEMS AS FOLWWS: 1. CONSOLIDATED VOUCHERS: 058701-059056 FOR A GRAND TOTAL OF $1,584,459.31. 3. CONSIDERATION OF APPROVAL TO WAIVE THE READING AND ADOPT THE RESOLUTION AUTIlORIZING THE CLOSING OF LIQUOR FUND #790. 4. CONSIDERATION OF APPROVAL TO AWARD THE BID FOR THE RENOVATION OF LIFT STATION #8, PROJECT 94-12, TO ABE CONSTRUCTION IN THE AMOUNT OF $34,900. CONSIDERATION OF APPROVAL TO WAIVE THE READING AND ADOPT THE RESOLUTION AWARDING THE BID FOR IMPROVEMENT PROJECT 94-3, STREET RECONSTRUCTION, TO MIDWFSf ASPHALT IN THE AMOUNT OF $699,558.95. 5. 5 Ayes - 0 Nayes, Motion Carried. Pvublic Hearin!! - None Council Business Community Development Director Kevin Locke presented for consideration a second amendment to the development agreement with Charles Stark. In December 1992, the City entered into an agreement for redevelopment of the property at 401--1st St. SW; the new home of New Brighton Lumber. The contract was amended slightly in October 1993 to define minimum improvements. The agreement requires site improvements of a minimum market value of $430,000. The City would provide Stark with $223,435 in assistance ($100,000 in cash and the remainder, $123,435, in a revenue note). The note is payable from tax increment generated by the project over the next 16 years. It has become apparent that the full $430,000 in minimum improvements will not be completed by 12/31/94. Roughly 70% of the improvements will be completed by the end of the year and the remainder in the future. The amendment revises the defmition of tax increment for repayment of the note and allows the City to provide assistance when the $278,786 of improvements are completed. The City will provide assistance proportionate to the amount of new value created on the site. Stark will receive the $100,000 in cash, but the note will only be partially repaid unless the full redevelopment project value is in place. The changes insure the facility will be completed on schedule. It insures the City would collect sufficient tax increment to recover the cost of its $100,000 cash payment. Consent Agenda I Vouchers Report 94-133 Liquor Fund #790 Report 94-135 Resolution 94-D71 Project 94-12 Bid Award Report 94-136 Project 94-3 Bid A ward Report 94-137 Resolution 94-072 ~ouncil Business I Brighton Lumber Development Agreement Report 94-138 Resolution 94-D73 I