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<br />comprehensive plan amendment to the Metropolitan <br />Council. <br /> <br />4. That the final development plan be consistent with the <br />plans submitted to the City Council which includes the <br />revised independent living building with a total height <br />of 69 feet and 132 dwelling units. <br /> <br />3. It is recommended that staff be authorized to negot,iate a <br />development agreement containing the following provisions: <br /> <br />a. That there be a pay-as-you-go deal with no up front <br />City funding. <br /> <br />b. That the developer will reimburse the City for any LGA <br />and HACA penalties. <br /> <br />c. That the property will remain taxable for a minimum of <br />forty, (40) years. <br /> <br />d. That the length of tax increment assistance will not <br />exceed fifteen (15) years. <br /> <br />e. That the annual amount of funds paid to the developer <br />will not exceed $500,615. Any amount of tax increment <br />available over that amount will be retained by the city <br />for use of other eligible tax increment projects as <br />allowed by state statutes. <br /> <br />f. That the full taxable development be complete by October <br />15, 1995 to have full taxable value on January 1, 1996 <br />for taxes payable in 1997. <br /> <br />g. That the development be constructed in accordance with <br />the approved final PUD plan. <br /> <br />Council Action Reauested: <br /> <br />1. Motion to approve a change in the comprehensive plan <br />designation of the site from medium density residential and <br />busines~ to high density residential, business and <br />institutional and to authorize staff to submit the amendment <br />to the Metropolitan Council for their review and approval. <br /> <br />2. Motion to approve an ordinance rezoning the site from B-3, B- <br />2, and R-1 to PUD subject to the review and approval of the <br />amendment of the city's Comprehensive Plan by the <br />Metropolitan Council. <br /> <br />3. Motion to approve a planned unit development general concept <br />plan with the following conditions: <br /> <br />1. That the right-of-way for the extension of Lincoln <br />Drive through the site be dedicated in exchange for the <br />