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City Council Minutes February 12, 1990 Page 11 e Agreement so that Outlot A can be returned to the Developers even though all of the special assessments have not been made. The amendment allows for the exchange of Outlot A for a Letter of Credit in the amount of $214,000. Ms. Johnson indicated that the total principal outstanding is $201,555 and she indicated that the $214,000 Letter of Credit fully covers the outstanding principal on the remaining special assessments. Mayor Tralle indicated that the second issue regarding outlot A is the fact that this parcel of property is being looking at by the Planning Consultant and will be before the Planning Commission as a preliminary recommendation as tp what type of development should take place on the 169 corridor. Mayor Tralle indicated that it is staff's opinion that any requests for this parcel of property could be tabled until the planning study is completed. Steve Rohlf, Building and Zoning Administrator noted that the planning study would directly effect the property. Mayor Tralle indicated that he would not be willing to consider anything for this parcel of property until the City has adequate time to look at the Planning Study. He proposed that the Council consider placing a six month moratorium. e COUNCILMEMBER SCHULDT MOVED TO ADOPT THE DEERFIELD 3RD ADDITION CONDITIONAL USE PERMIT, PLANNED DEVELOPMENT AGREEMENT, AND DEVELOPERS AGREEMENT FIRST AMENDMENT. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. Councilmember Kropuenske explained that he would be abstaining because First National Bank has an option to purchase the property, if and when it is rezoned. MOTION CARRIED 4-0-1. Councilmember Kropuenske abstained. COUNCILMEMBER HOLMGREN MOVED TO DIRECT STAFF TO PREPARE AN ORDINANCE CALLING FOR A MORATORIUM FOR ANY REQUESTS FOR PROPERTY DEVELOPMENT LOCATED ON THE NORTHERN 169 CORRIDOR. COUNCILMEMBER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 4-0-1. COUNCILMEMBER KROPUENSKE ABSTAINED. 6.5. Resolution Authorizin~ Issuance of $400.000 in Taxable Tax Increment Financin~ Bonds Harry Hoffman, Springsted, Inc., introduced a resolution which would provide for the negotiated sale of $400,000 in General Obligation taxable Tax Increment Bonds. He indicated that out of the $400,000, $295,000 will be used for property acquisition for the AmericInn Hotel project. e COUNCILMEMBER HOLMGREN MOVED TO ADOPT RESOLUTION 90-6, A RESOLUTION PROVIDING FOR THE NEGOTIATED SALE OF $400,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS SERIES 1990A. COUNCILMEMBER DOBEL SECONDED THE MOTION. MOTION CARRIED 5-0.