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<br />Council Mi nutes <br />March 26, 1985 <br /> <br />Page Four <br /> <br />I <br /> <br />The city requires developers to provide the city with <br />an irrevocable Letter of Credit to guarantee that the <br />project will be started and completed. Winkels con- <br />tinued that it was anticipated the Development Agree- <br />ment, Letter of Credit, Tax Increment Plan, Develop- <br />ment District Modification, all building and zoning <br />approvals would be available at this time; however, <br />the deve 1 oper is not quite able to produce the Letter <br />of Credit. <br /> <br />I <br /> <br />Staff feels this situation deserves to have some <br />resolution tonight so that the developer knows what <br />his time period is, and so the residents are aware of <br />what will be happening. Staff feels a thirty-day <br />period is reasonable. <br /> <br />Jerry Svee. developer for Water Ridge Plaza, stated that <br />because of the change in the required right-of-way dedi- <br />cation (from 60 feet to 99 feet) on Tenth Street. design <br />changes were required and caused a delay in this project; <br />difficult getting necessary financial assistance for the <br />project (commercial and residential); believes they are <br />very close in completing the partnership arrangements. <br /> <br />(Councilmember Blomquist arrived at 8:06 p.m.) <br /> <br />Svee believed the thirty days is needed for financial <br />work. <br /> <br />Schmidt stated that for a 11 of the reasons the Ci ty <br />Council expressed concern months ago (interested in <br />project, benefit to city, concern about relocating <br />citizens), he felt that thirty days is not an unreas- <br />onable time, but was concerned about aSking the <br />citizens to wait a further period of time. Schmidt <br />asked Svee how close he was in putting together the <br />financial package. <br /> <br />Svee responded the financial information was presented <br />to numerous potential investors quite some time ago; <br />feels very comfortable with completi'ng the package <br />within the thirty-day period. <br /> <br />Schmidt indicated he could accept the thirty-day <br />limitation, and felt information should be completed <br />then. <br /> <br />I <br /> <br />Harcus concurred. <br /> <br />Blomquist also concurred, advising citizens that a <br />deci'sion would be made at that time. <br /> <br />Mr. Severson, 849 Highway lOa, also indicated he is <br />tired of the delays, but concurred with the thirty days. <br />