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Roseville city Council Minutes Page 7 May 24, 1993 P. Johnson moved, Maschka seconded, that Resolution RESOLUTION 8941, vacating the frontage road subject to main- 8941 taining a 20 foot easement for future light rail transit purposes at the former Paul's Place property, Russell Court subdivision, and the Simpson Auto site at Snelling Avenue and Lydia Avenue, be adopted. Roll call, Ayes: P. Johnson, Maschka, Cushman, Goedeke, and V. Johnson. Nays: None. CUshman moved, Goedeke seconded, that College Proper- ties, Inc. request for preliminary plat approval for the former Paul's Place property, Russell Court subdivision, and the Simpson Auto site at Snelling Avenue and Lydia Avenue, be approved with dedication of necessary easements. Roll Call, Ayes: P. Johnson, Maschka, Cushman, Goedeke, and V. Johnson. Nays: None. Cushman moved, Maschka seconded, that a public hearing for College Properties, Inc. request for final plat and final Planned unit Development plan for the former Paul's Place property, Russell Court subdivision, and the Simpson Auto site at Snelling Avenue and Lydia Avenue, be established for the regular City Council meeting of Tuesday, June 29, 1993. Roll Call, Ayes: P. Johnson, Maschka, Cushman, Goedeke, and V. Johnson. Nays: None. Maschka moved, Goedeke seconded, that city staff be authorized to negotiate a Development Agreement with College Properties, Inc. for the former Paul's Place property, Russell Court subdivision, and the simpson Auto site at Snelling Avenue and Lydia Avenue con- cerning the use of TIF funds which include the following: A. That there be a "pay as you go" deal with no up- front City funding. B. That the developer will reimburse the city for any LGA and HACA penalties. C. That the property will remain taxable for a minimum of forty (40) years. D. That the length of tax increment assistance will not exceed fifteen (15) years. E. That the annual amount of funds paid to the developer will not exceed $500,615. Any amount of tax increment available over that amount will be retained by the City for use of other eligible tax increment projects as allowed by state statutes.