10/22/07 Public Works and Property Vacation

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October 22, 2007 Public Works and Property Vacation Committee Meeting Minutes Page 3 development items relation to Memorial Home Healthare and the Holladay Corporation. He stated that the City is working with the developer and that the area is within a TIF area. The funds would be paid back at a 3% interest rate since Major Moves monies are involved. Mr. Gilot stated that it meets the economic development road improvement test. In response to a question from Dr. Varner, Assistant City Attorney Shawn Peterson stated that the agreement between the developer and the Board of Public Works and the Redevelopment Commission had not been signed yet, adding that repayment would be addressed in a payment schedule. Mr. Gilot noted that if there is excess TIF that the funds would be repaid more quickly. Council President Rouse questioned the timing of the project. Mr. Peterson stated. that November 2"d is the deadline. The Council Attorney suggested that in light of the new information provided by the City Administration that lines 5 and 6 of the "Statement of Purpose and Intent" in Bill No. 67- 07 be amended by deleting "have entered into" and replaced with "is negotiating". . Mr. Peterson stated that the proposed amendment was acceptable to him. Council Member Dieter made a motion, seconded by Council Member Pfeifer that Bill No. 67-07 as amended be recommended favorably to Council. The motion passed. There being no further business to come before the Committee, Dr. Varner adjourned the meeting at 4:04 p.m. Respec I submitted, ~~ C ncil Member David Varner, Chairperson Public Works and Property Vacation Committee Attachments