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<br />. <br /> <br />. <br /> <br />. <br /> <br />" <br /> <br />City Council Minutes <br />February 5, 1990 <br /> <br />Page 3 <br /> <br />Lori Johnson, Finance Director, indicated that the Elk River <br />Development Corporation is requesting an amendment to the Deerfield III <br />Developers Agreement in order to release Outlot A. She indicated that <br />the amendment allows the Developer to submit a Letter of Credi t in a <br />form acceptable to the City in the amount of $214,000. Lori Johnson <br />indicated that the Letter of Credit would secure the City if the <br />special assessments were not paid. She indicated that the Developers <br />currently have a $214,500.00 Letter of Credit with the City. Mayor <br />Tralle indicated that he did not want to change the Developers <br />Agreement until all assessments on the property had been paid. She <br />indicated that the Elk River Development Corporation is considering <br />applying for a zone change for Outlot A. Which is why the Developers <br />are requesting the amendment. The City Council discussed the fact that <br />they would not be considering a zone change for that entire area until <br />such time that they receive a report from BRW, the City's Planner. <br /> <br />Councilmember Kropuenske indicated that he would not vote on the issue <br />because the First National Bank may possibly be involved in the <br />purchasing of 1.3 acres of Outlot A. Lori Johnson indicated that Steve <br />Rohlf, Building and Zoning Administra.tor, had requested that if the <br />Council considers adopting the amendment, they consider adding a <br />stipulation that the sign advertising the Deerfield IV subdivision be <br />removed. Mayor Tralle indicated that the sign issue could be enforced <br />through the existing City Code. <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO TABLE THE REQUEST FOR THE AMENDMENT TO <br />THE DEVELOPERS AGREEMENT FOR DEERFIELD III, OUTLOT A, UNTIL THE NEXT <br />CITY COUNCIL MEETING TO BE HELD FEBRUARY 12, 1990. COUNCILMEMBER DOBEL <br />SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />There being no further business, COUNCILMEMBER HOLMGREN MOVED TO <br />ADJOURN THE MEETING. COUNCILMEMBER SCHULDT SECONDED THE MOTION. THE <br />MOTION CARRIED 5-0. <br /> <br />The meeting of the Elk River City Council adjourned at 9:15 p.m. <br /> <br />Respectfully submitted, <br /> <br />d:d.ray <br /> <br />City Clerk <br /> <br /> <br />....1 <br />