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I 1 I Council Meeting Minutes August 9, 1988 2. In regards to the environmental audit, The City would be given 45 days before closing to conduct this audit. Brandt commented that the property would be covered sale of the land. the City of acquiring this tax increment generated by the cost to by the Larson asked if the City would allow the storage of bus parts from Robinson before the closing of the property; Mr. Locke mentioned that Robinson is in the process of relocating to Spring Lake Park and there will be some storage involved before their August, 1989, relocation. Robinson would lease back the South parcel for 3-6 months for a rent of $1,500/month, until their new facility is completed. Williams asked Mr. Locke if there is a penalty clause in the Midwest Agreement if the closing does not take place. Locke commented there is not a penalty clause in the agreement, but felt this was not necessary since Midwest is putting down 10% of their purchase price and other expenses involved. Motion by Williams, seconded by Gunderman, to APPROVE THE CONSIDERATION OF PURCHASE AGREEMENT FOR ROBINSON COACH PROPERTY. 5 Ayes - 0 Nayes, Motion carried. Mr. Locke presented the resolution Initiating Process.for Adoption of Development District Amendment and Creation of Tax Incremental District #16. Councilmember Brandt asked what are the procedures involved in considering a new Tax Increment Financing District. Locke explained Tax Increment Financing is needed to facilitate the redevelopment of the Robinson Coach property. This process is needed to provide the City with the authority to take action necessary to redevelop this property. The process involves a public hearing and preparation of the Tax Incremental Financing District financing plan. Motion by Gunderman, seconded by Larson, to APPROVE THE RESOLUTION INITIATING PROCESS FOR ADOPTION OF DEVELOPMENT DISTRICT AND TAX INCREMENT FINANCING AMENDMENTS AND SETTING 7:30 P.M., SEPTEMBER 27, 1988, AS A PUBLIC HEARING. 5 Ayes - 0 Nayes, Motion carried. Erny Mattila, City Planner, presented the Consideration of Approval of Leier Estates #2. The area will be subdivided into 11 single family lots with all but 2 lots using the zero lot line concept. The developer has agreed with the City to establish a covenant for the construction and landscaping of these lots. Erny explained a zero lot line would allow the developer to construct the single family homes on the northerly line of each lot; and the covenant would restrict openings (windows, doors, or other openings) on that zero lot line wall. Page 3 Council Business Robinson Coach Property Report 88-230 Creation of Tax Increment Financing District #16 Report 88-231 Resolution 88-84 Leier Estates #2 Report 88-232 Resolution 88-85