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<br />~......,..-,-_.~- <br /> <br />III <br /> <br />I <br /> <br />III <br /> <br />Council Meeting Minutes <br />August 11, 1987 <br /> <br />. <br />Locke reviewed staff report concerning the rescission of Contract <br />for Private Development with Water Ridge Associates, noting it <br />would be beneficial for the city to enter into the Agreement <br />whether or not the new Development Agreement (Report 87-206) is <br />approved. <br /> <br />Jerry Svee, C.B.A. Ltd., had nothing to add to the report and be- <br />lieves it is a good idea to allow Water Ridge to move forward. <br /> <br />Benke asked if this Contract relates to the mortgage Gordon <br />Hedlund is dealing with; Locke stated if Hedlund wants the mort- <br />~age taken off his property, he would need to sign this contract <br />but indicated Hedlund has not yet agreed to sign. <br /> <br />Motion by Williams, seconded by Blomquist, to WAIVE THE READING <br />AND APPROVE THE RESCISSION AGREEMENT WITH WATER RIDGE ASSOCIATES <br />AND AUTHORIZE THE MAYOR AND THE CITY MANAGER TO EXECUTE SAME. <br /> <br />4 Ayes - 0 Nayes, Motion Carried <br /> <br />Locke reviewed staff report regarding a nine-unit townhouse pro- <br />ject on 1.2 acres on the southeast side of Tax Increment District <br />#6 (Tenth Street and Nine Avenue N.W.); the units will be two- and <br />three-bedrooms each selling for between $79 and $90,000; will gen- <br />erate approximately $14,000 in taxes; and construction would begin <br />this Fall and be completed by the end of 1988. Locke reviewed the <br />terms of the agreement. <br /> <br />Motion by Blomquist, seconded by Gunderman, to WAIVE THE READING <br />AND ADOPT A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF <br />A CONTRACT FOR PRIVATE DEVELOPMENT WITH C.B.A. RESIDENTIAL DEVEL- <br />OPMENT, LTD. <br /> <br />4 Ayes - 0 Nayes, Motion Carried <br /> <br />Motion by Gunderman, seconded by Blomquist, to RECEIVE THE 1986 <br />ANNUAL REPORT. <br /> <br />Egan introduced Bob Voto and Rob Tautges (Voto, Tautges, Redpath <br />and Company, Ltd.) who performed the audit. <br /> <br />Tautges reviewed highlights and recommendations placed in the re- <br />port. <br /> <br />In response to Williams's question, Tautges indicated the 77% was <br />high and was based on the city's dependency level. <br /> <br />With regard to the financial status of the liquor operation, Egan <br />stated 1987's figures would reflect the decreased insurance along <br />with the absence of entertainment at the Municipal Bar. <br /> <br />Sinda indicated the report is the result of a good unqualified <br />opinion and noted staff has already started working on some of the <br />recommendations; and, following Williams's questions, advised that <br />council will be kept informed of the progress on a regular basis. <br /> <br />4 Ayes - 0 Nayes, Motion Carried <br /> <br />Page 8 <br /> <br />Rescission of <br />Contract/Water <br />Ridge Associates <br />Report 87-205 <br /> <br />Svee Development <br />Proposal <br />Report 87-206 <br />Resolution 87-84 <br /> <br />Receive Annual <br />Report <br />Report 87-207 <br /> <br />Payment for 1986 <br />Audit Services <br />Report 87-208 <br />Resolution 87-85 <br />