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<br />Council Meeting Minutes <br />February 9, 1993 <br /> <br />Page 14 <br /> <br />I <br /> <br />Council Business. continued <br /> <br />Jim Casserly, City Consultant, said the City's financial commitment to <br />Phase I, north section, is for installation of public improvements. U.S. West <br />will provide the City a $350,000 guarantee to cover the City's public <br />improvement costs. The City would be very adequately secured. The <br />City's commitment for the south district is for public improvements and site <br />acquisition assistance. The development agreement would be executed <br />upon Council approval and a $150,000 letter of credit would be posted. <br />Mr. Allen has personally guaranteed the construction of the project. If the <br />project did not proceed, the City and developer have ability to withdraw. <br /> <br />Public Hearina - 12:47-12:48 a.m. <br /> <br />Community Development Director Kevin Locke presented the creation of <br />new TIF Districts 20 and 21. TIF District 20 encompasses the site for the <br />proposed U.S. West Facility. TIF District 21 is the site for the proposed <br />Industrial Equities Group Office/Showroom building. <br /> <br />The tax increment generated in each of these districts will be used to fund <br />1) site acquisition, assembly relocation and demolition; 2) site improvement <br />such as soil corrections; and 3) public improvements. <br /> <br />I <br /> <br />There were no comments from the audience. <br /> <br />Motion by Gunderman, seconded by Williams, CLOSE THE HEARINGS. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Hearing was closed by 12:48 a.m. <br /> <br />Motion by Gunderman, seconded by Williams, to WAIVE THE READING <br />AND ADOPT THE RESOLUTION MODIFYING PLANS FOR DEVELOPMENT <br />DISTRICT #1 AND APPROVING THE TAX INCREMENT FINANCING PLANS <br />FOR TAX INCREMENT FINANCING DISTRICT #20 AND #21. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Motion by Williams, seconded by Benke, to WAIVE THE READING AND <br />ADOPT THE RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF <br />A CONTRACT FOR PRIVATE REDEVELOPMENT (SOUTH DISTRICT), AN <br />AGREEMENT TO EXECUTE CONTRACT FOR PRIVATE REDEVELOPMENT <br />(NORTH DISTRICT) AND AN AGREEMENT FOR EXCLUSIVE <br />NEGOTIATIONS (CENTRAL DISTRICT), BY AND BETWEEN THE CITY OF <br />NEW BRIGHTON AND INDUSTRIAL EQUITIES GROUP, LLC. <br /> <br />I 5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Council Business <br /> <br />Items relating to the <br />Jones Lake Area <br />Report 93-038 <br />Report 93-041 <br />Report 93-042 <br />Report 93-043 <br />Resolution 93-018 <br />Resolution 93-019 <br />Resolution 93-020 <br />Resolution 93-021 <br />