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<br />, D~~ f\ FT <br /> r(A <br /> ARDEN HILLS EDA MEETING - OCTOBER 14. 1997 9 <br />. President Probst stated he would like to link the level of assistance to the actual costs with a not- <br /> to-exceed amount. <br /> MOTION: Malone moved and Hicks seconded a motion to authorize Staff and its attorneys <br /> to amend the Development Agreement to include additional TIF for soil <br /> corrections in an amount not to exceed $200,000 and additional exterior brick <br /> amenities not to exceed $200,000 subject to submittal and review of appropriate <br /> documentation detailing the actual cost of this item and reimbursement being <br /> based on the City paying the cost of the building enhancement out of its own <br /> funds and reimbursing itselffrom TIF and any formula tying the soil corrections <br /> cost should be constructed in such a manner that it positively correlates to an <br /> increase in the assessment rate in the Development Agreement. <br /> Mr. Ruff asked if it is the City's intention to up-front all of the cost for soil corrections and brick <br /> upgrades as long as it can be paid from the TIF proceeds. Commissioner Malone stated this was <br /> not his intention. <br /> Mr. Fritsinger suggested staff be provided with the ability to review each of the line items. Mr. <br /> Ringwald reported that Staff is looking at areas of cost savings, such as open-cutting and other <br /> ways to reduce costs. <br />. Commissioner Malone stated he would support a funding mechanism to reduce the price of the <br /> Kern Milling site. <br /> Mr. Filla asked if the City participation in soil corrections in an amount not to exceed $250,000 <br /> is related to the amount of the remaining Kern Milling site. <br /> Commissioner Malone stated he would like to use those proceeds first and explained that the <br /> intention is to limit the cash out amount. <br /> Mr. Post stated the effect of the motion on the floor, if approved, will be to put the developer into <br /> a pay-as-you-go mode as the project costs will reduce the case sales price of the Kern Milling <br /> site. <br /> The motion carried unanimously (5-0). <br /> ADJOURNMENT <br /> MOTION: Malone moved and Hicks seconded a motion to adjourn the Special Economic <br /> Development Authority meeting at 9:45 p.m. The motion carried unanimously (5- <br /> 0). <br /> Dennis Probst Brian Fritsinger <br />- President Secretary-Treasurer <br />