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City Council Minutes <br />September 6, 2011 <br />Page 3 <br />----------------------- - - - - -- <br />4. Open Forum <br />There was no one present for open forum. <br />5. City Attorney <br />5.1. Memorandum of Understanding between School District and City <br />Paul Sandelin reviewed the Memorandum of Understanding between the <br />School District and the City. He stated that the purpose of the <br />memorandum is to outline an agreement between the School District and <br />the City for payment of a sum of money to cover lost tax revenue and <br />provide a fund for future infrastructure improvements in the Industrial Park. <br />The memorandum is conditioned on the closing of the property in the <br />Industrial Park. He also noted that there is a reference in the <br />memorandum relating to the vacation of a portion of Olson Street. The <br />reference requests the City to review all available options in response to <br />such a petition. <br />MAYOR ADAMS MOVED TO ENTER INTO THE MEMORANDUM OF <br />UNDERSTANDING BETWEEN THE SCHOOL DISTRICT AND THE <br />CITY AND THAT WHEN THE CITY RECEIVES PAYMENT, IT IS <br />PLACED IN THE INDUSTRIAL PARK FUND. COUNCIL MEMBER <br />AKERSON SECONDED THE MOTION. <br />Council Member Ryan questioned how the amount of money was <br />determined. The Mayor noted it was determined by the City's portion of <br />taxes. <br />MOTION CARRIED 5 -0. <br />5.2. TIF 1 -9, Lime Greenery <br />The City Attorney explained that Lime Greenery is in default of the <br />Development Agreement as the property is in foreclosure. The decision for <br />the City is to decide if the Council will start the process of default and <br />decertification of the district. Council discussion pursued regarding <br />whether or not the City should declare default. <br />COUNCIL MEMBER SJOBLAD MOVED TO SEND A LETTER TO LIME <br />GREENERY AND LAKES STATE BANK STATING THAT THEY ARE IN <br />