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Regular City Council Meeting Monday, November 08, 2010 Page 20 Ms. Radel concurred with Mr. Hall's comments; and noted that current legislation for this type of project required construction to be initiated by June of 2011, so the developer would be severely limited in making use of such a provision. Councilmember Roe asked if the developer would have any problem removing the land acquisition language from the agreement. Community Development Director Trudgeon noted other areas of the document addressing land acquisition that would need revising as well if the City Council so directed. Mr. Hall advised that the language in the agreement provided substantial incentive for the developer to proceed with Phases II and III before the higher figure was even approached; and that if the developer stopped at Phase I, they would only qualify for tax increment of between $275,000 $290,000 to fill that gap. Mr. Hall noted that the developer was motivated to initiate Phases II and III; but fur- ther noted that the Assisted Living portion had not yet come before the City Council for their consideration and potential approval. Council Pust noted other references (page 6, Section 3.2.1) regarding land acqui- sition and suggested that the City's legal counsel be directed to remove all refer- ences as applicable throughout the document. Councilmembers concurred. Further discussion included the total amount identified to be generated on all three phases at $2.4 million; but gap financing of only $659,000 strictly identified for Phase I construction and increment generated on additional phases to complete Phase I; reiterating legislative restrictions on this type of TIF project for construc- tion to be implemented by June of 2011; with Mr. hall assuring Councilmembers that the only portion of the project for which they may consider another TIF re- quest of the City would be for Phase III, the Assisted Living portion of the project if so indicated. Johnson moved, Klausing seconded, approval of a Development Agreement (At- tachment A as revised and distributed as a bench handout, attached hereto and made a part thereof) between the City of Roseville and United Properties Resi- dential LLC, dedicating tax increment from Tax Increment Financing (TIF) Dis- trict No. 19 to Phase I development at Applewood Pointe of Roseville at Langton Lake, in substantially 'the form shown in Attachment A of this report; subject to modification approved by the City Manager and the City's legal counsel; amended to note those modifications to remove references to land acquisition as discussed tonight and directed by Council consensus.