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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />November 25, 1986 <br /> <br />Council Business, Continued <br /> <br />Locke responded that Winfield Development has completed their <br />feasibility analysis and market analysis and has prepared a <br />number of materials for pre-leasing on this project, and also <br />soliciting their financing for the project; Winfield expects that <br />in the next month they will have a more firm schedule outlining <br />when they will be ready to move ahead; in terms of the southern <br />half of T.I.F. District No.6, all but two parcels have been <br />acquired and staff is continuing to work on that acquisition; Bel <br />Air Builders has completed their preliminary analysis of the <br />project; Bel Air has hired a firm to test their analysis and <br />anticipate this study will be back at the end of January 1987; <br />Bel Air hopes to have working drawings by April 15, 1987, and to <br />be under construction in May 1987. Locke also stated that Bel <br />Air will come before the Council either December 9, 1986 or the <br />December 23, 1986, to present schematic drawings of their <br />proposal. <br /> <br />Motion by Williams, seconded by Schmidt to AUTHORIZE THE MAYOR <br />AND MANAGER TO EXECUTE PURCHASE AGREEMENTS WITH MILES AND <br />SHIRLEY FITERMAN FOR THE PROPERTY AT 912 - 10TH STREET NW IN THE <br />AMOUNT OF $60,000 AND WITH THE FIRST STATE BANK OF NEW BRIGHTON <br />FOR TWO VACANT PARCELS ADJACENT TO THE NORTH SIDE OF 10TH STREET <br />NW IN THE AMOUNT OF $30,614.89. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Locke briefly reviewed and explained the staff report concerning <br />an amendment to the contract for private development for Park <br />Place Senior Housing. <br /> <br />Mr. Mark Haggerty of Miller & Schroeder stated they concur with <br />the recommendations in the staff report; and the developers <br />and all others concerned with the development were present. <br /> <br />Motion by Schmidt, seconded by Brandt to WAIVE THE READING AND <br />ADOPT THE RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF <br />AN AMENDMENT TO A CONTRACT FOR PRIVATE DEVELOPMENT WITH PARK <br />PLACE SENIOR HOUSING LIMITED PARTNERSHIP. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Locke had nothing to add to the staff report concerning a reso- <br />lution amending the Park Place Housing Project Bond. <br /> <br />Motion by Schmidt, seconded by Williams to WAIVE THE READING AND <br />ADOPT A RESOLUTION TO AMEND AN INDENTURE OF TRUST DATED AS OF <br />DECEMBER 1, 1985, BY AND BETWEEN THE CITY.OF NEW BRIGHTON AND <br />FIRST TRUST COMPANY, INC. AND AUTHORIZING THE EXECUTION OF THE <br />NECESSARY DOCUMENTS IN CONNECTION THEREWITH. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Page Five <br /> <br />Amending Develop- <br />ment Agreement: <br />Park Place Senior <br />Housing <br />Report 86-290 <br />Resolution 86-129 <br /> <br />Amending <br />Revenue Bonds: <br />Park Place <br />Senior Housing <br />Report 86-291 <br />Resolution 86-130 <br />