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Council Meeting Minutes July 9,1985 Page Five I Winkels stated he would like a resolution and to set a time limit of two weeks as the developer needs to know that he can move for- ward. Winkels also informed the council he was told the City would receive a Letter of Credit within a day or two. Blomquist asked if there were problems similar to the initial approval on the project and if it is the sa"~e situation tile City had with the v'ater Ridre project, Winkels replied that if they don't produce, the application would be null and void; and stated that an additional two weeks would delay the project further. Blomquist would much rather continue the hearing and let the develorer bear the responsibility rather than havin0 the council taking any action at this time. \ \ ~enke believes, with the two-week time limit, the developer has a more certain fat~ than if we continue the hearing. I Harcus asked, if the developer has our approval and he does produce the necessary papers, if he could start puttin0 together the other financing arrangements; expressed concern for Proto's production schedules if they don't have a new plant by the end of the year, although we have done nothing to hold up their schedule. Winkels stated that the city is at no risk legally if contingent approval is given at this meeting, Blomquist believes by continuing this practice we might be setting ourselves up for something negative in the future. Janecek felt the inclusion of "null and void" in the resolution may put some finality on it; they would then know where they stand, Schmidt asked if they had paid their fees; Winkels responded affirm- atively, Schmidt suggested that the council put a two-week limit on it and if it is not approved, they would have to reapply, Motion by Harcus, seconded by Janecek, to APPROVE THE BONDS SUBJECT TO THE SUBMITTAL OF A LETTER OF CREDIT AS REQUIRED AND COMPLETION OF THE PROPERTY ACQUISITION, BOTH TO BE COMPLETED WITHIN TWO WEEKS OR THE APPROVAL IS NULL AND VOID, I Benke asked what impact that bonding authority would have on the earlier discussion, Winkels responded that on July 23, 1985, council would know the fate of the $2,1 million, Benke stated, on July 23, 1985, if the developer has not concluded his paperwork, council could give preliminary approval for that $2.1 million plus whatever else it could acquire plus the $9,2 million that we have received in the interim, Benke asked staff if there had been any discussion with the applicant relevant to the two-week limitation,