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I I I Council Meeting Minutes October 28, 1986 Council Business, continued Locke stated the additions to the agreement basically layout a scheme whereby the developer would be entitled to additional assistance if he expands or builds a second phase on the project. A ratio, in terms assistance, was set up that provides for $5,000 worth of assistance for each $50,000 of additional estimated market value added to the site, up to a maximum of $75,000. The terms also call for this to be in effect only for the next four years, and completion of anything started within that period of time must be by December 3, 1991. The Agreement was prepared by O'Connor & Hannan and Jim O'Meara is present to answer any ques- tions related to the Agreement; the financial aspects of the Agreement and the project has been evaluated by Miller & Schroeder and Jim Casserly is present to respond to any questions in that regard. Locke summarized the project is within the Old Highway 8 corridor in an existing development district, and would be a very worth- while addition to both the community's tax base. and industrial base. In response to Benke's comment, Locke indicated Mrs. Senden's first name is Leslie, rather than Diane, and would be changed accordingly on Clerk-Treasurer's Certificate. In response to Schmidt's inquiry, James Senden indicated the changes are in accordance with his request at the .last council meeting following a meeting with staff and consultants, and noted construction would begin as soon as the paperwork has been com- pleted. Motion by Gunderman, seconded by Brandt, to WAIVE THE READING AND ADOPT A RESOLUTION AUTHORIZING THE MAYOR AND THE CITY MANAGER TO EXECUTE A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF NEW BRIGHTON, MINNESOTA, AND JAMES SENDEN, AND AN ASSESSMENT AGREEMENT AND ASSESSOR'S CERTIFICATION BY AND BETWEEN THE CITY OF NEW BRIGHTON, MINNESOTA, AND JAMES SENDEN. 5 Ayes - 0 Nayes, Motion Carried Following a discussion with the City Attorney, Sinda asked for a reordering of the Harstad agenda items (5-B, 5-A, and 5-0 contin- gent upon the rezoning, then 5-C and 5-E). Locke outlined that the key first step with the Harstad project is the Development Agreement which is conceptually consistent with the terms that were presented at the September 9, 1986, council meeting; the developer has agreed to the terms in the contract with the exception that the city's administration fee would be funded through the tax increments, rather than through Page Four HARSTAD PROJECT - SILVER LAKE ROAD