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<br />I <br /> <br />COUNCIL PROCEEDINGS <br />CITY OF NEW BRIGHTON <br /> <br />SPECIAL MEETING <br /> <br />Pursuant to POSTED notice thereof. a special meeting of the New Brighton <br />City Council was held Friday. April 26. 1985. at 5:00 p.m. in the municipal <br />building. 803 Fifth Avenue N.W. <br /> <br />Presen t : <br /> <br />Mayor Harcus, Councilmembers Benke. Blomquist, and Schmidt <br /> <br />Not <br />Present: <br /> <br />Councilmember Janecek <br /> <br />Also <br />Presen t : <br /> <br />Henry Sinda. City Manager <br />James Winkels. Director of Community Development <br />Brenda Krueger. City Planner <br /> <br />Public Hearing. Continuation of <br /> <br />Public Hearing <br /> <br />Winkels reviewed what had transpired since the Tuesday. <br />April 23, 1985, council meeting with regard to the Water Ridge <br />project, review d copy of Contract for Private Development. <br />Assessment Agreements. and Assessor's Certificate. <br /> <br />Water Ridge <br />Project <br /> <br />I <br /> <br />Jerry Svee, developer, stated he had executed copies of the <br />Joint Venture greement which provides for DBA Residential to <br />be the managing Joint Venture Partner giving full authority , <br />for modifying contracts; executed copies of the Assessment <br />Agreements for the apartment and office complex; Assessment <br />Agreements for the single family homes; Assignment of Rights <br />Proceeds of real estate sale of $125,000; Security Agreement <br />from M-R Development; Commitment signed by M-R Development <br />to provide irrevocable Letter of Credit. <br /> <br />Blomquist asked for details of these Agreements. <br /> <br />I <br /> <br />Winkels briefl explained that by January, 1986. a certain <br />level of development on that site will have taken place; by <br />January, 1987, further construction will have taken place; <br />and by January, 1988. full development is to be in place. <br />We can withhold $125,000 as a substitute for a Letter of <br />Credit with which our attorneys have no problem; M-R is to <br />provide the balance of securities. M-R states that in ten <br />working days they will provide an irrevocable Letter of <br />Credit; all to be in place no later than June 1. 1985. All <br />agreements add up to the amount we have been talking about. <br /> <br />In response to Schmidt's question, Winkels responded that <br />the sequence a d timing of the development have not changed <br />in any way since the April 23, 1985, council meeting. <br /> <br />Schmidt stated it appears the security the city has been <br />aSking for has now been provided, or committed to, with the <br />documents Mr. Svee mentioned previously. <br />