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I I I Council Meeting Minutes October 14, 1986 Council Business, continued Benke asked if the numbers had been crunched in terms of the cash flow for increment; Locke stated everything had been checked out on the document council received, but no analysis has been done with regard to the Phase II. In talking about a ten percent increment, Senden stated that is in line with the main agreement. Schmidt asked if it would be possible to approve the agreement and then, by addendum, include the provisions that would require the city to provide the additional level of subsistance for Phase II. Senden stated the difficulty would lie with his banker and again asked for approval subject to approval by bond counsel. Williams did not feel uncomfortable approving it contingent upon bond counsel's approval, and asked how long it would take counsel to approve or disapprove; Locke felt a decision could be made by the end of the week; LeFevere stated O'Meara would be out of town for the rest of the week but the process is not illegal. Schmidt stated he had no problem conceptually, provided staff has been clear on the numbers and there has been, in fact, agreement with the developer specifically on the numbers and the timing; Locke responded that the numbers (dates and assistance in the additional paragraph) have not been dealt with by either O'Connor & Hannon nor Miller & Schroeder; but the type of assistance proposed is consistent with the level of assistance in the document, would expect those numbers would stand, but the specific language has not been discussed. Locke continued that the project was discussed and the Agreement was put together without Phase II. Senden stated all discussion of Phase II predates Locke's position with the city; Sinda confirmed that all discussion included Phase II and felt Locke was aware of that also but, that when getting together with the consultants and drawing up the Agreement, Phase II was simply inadvertently omitted which was not noticed until this past weekend. Benke asked if we were to include an amendment referring to Phase II, would we negotiate a second agreement for Phase II or would this, in fact, be the Development Agreement for both phases; Schmidt felt we could move to approve the Agreement as it is before us this evening and to direct staff to prepare an addendum to the Article III, adding Section 3.2 that would provide for the additional assistance as outlined, subject to the customary review of legal counsel and our financial consultants that those terms are consistent with other practice. In response to Benke's question, Locke understands if council adopts the proposed language, we would not have to bring it back. Page Fifteen