2006-09-13 CC Packet - Laserfiche WebLink

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b. Grants. The City, as well as other outside sources such as Department of Employment and Economic Development (DEED) and the Metropolitan Council will be requested to provide grants and/or loans in the form of cash to perm it the Developer to redevelop the Project. The City will cooperate with and support the Developer in any efforts to secure grants or similar funding. The use of any grant(s) and the amount of such grant(s) will not be known until the exact scope and anticipated use of the Project are finally determined and established, and the availability of certain types of grants, and a definitive budget for the Development Project are established. The parties will need to agree on how to address these matters prior to execution of any Development contract. c. Capital Improvement Financing. The City will issue bonds for specific capital improvements. MN Statutes Section 475 (The CIP Act) allows the City to issues bonds for the purpose of a city hall, public safety facility, and public works facility. An improvement must have an expected useful life of five (5) years or more to qualify. Only public safety, public works facilities, and City Hall facilities may be financed with general obligation bonds under the CIP Act. Other capital improvements within the Master Plan may be financed with special assessment bonds under MN Statues Chapter 429. d. Tax Increment Financing. The City, must establish a tax increment financing district to support the Development Project; and agrees to give due consideration to any such request. e. Debt. The City may be asked to provide certain loans to the Developer to support the Development Project. Any agreement by the City to make such loans will be subject to the absolute discretion of the City and will also depend upon a clearly available source of funding, and appropriate security. 6. Developer's Proposed Use, Minimum Improvements. The minimum improvements will be made pursuant to plans, which are acceptable to and approved by the City as part of the final Development agreement. The minimum improvements will be substantially consistent with the Downtown Centerville Master Plan & Development Guidelines (Dated January 4,2006), incorporated herein by reference. 7. Ownership. It is expected that the final Development proposal will provide that the retail, office, and the rental housing portion of the Project will be owned by the Developer or its assignees, and that certain condominiums, senior cooperatives, townhomes, or single family home sites will be sold by the Developer or its assignee to others. 8. Contemplated Development Schedule. The estimated timeframes for all phases of the Redevelopment Project are as follows: 3