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City Council Minutes <br /> May 3, 2011 <br /> Page 8 of 8 <br /> REQUESTED. COUNCIL MEMBER SJOBLAD SECONDED THE <br /> MOTION. MOTION CARRIED 5-0. <br /> 12.6. Request for Loan Extension <br /> The Clerk explained that the City has a situation where a payment for a <br /> loan to the City is late and in default according to the Development <br /> Agreement. She stated that the loan is tied in with a TIF subsidy. The City <br /> Clerk explained that partial payment has been made, however the <br /> developer has not followed through with the agreed upon payment plan. <br /> The Clerk requested Council direction on how to proceed. <br /> COUNCIL MEMBER RYAN MOVED TO ACCEPT PAYMENT PLAN AS <br /> PROPOSED BY THE DEVELOPER OF PAYING $3,000 PER WEEK <br /> UNTIL THE DEBT IS PAID AND IF THE LOAN IS NOT PAID BY THE <br /> NEXT COUNCIL MEETING, THE COUNCIL WILL MAKE A DECISION <br /> ON HOW TO PROCEED. COUNCIL MEMBER SJOBLAD SECONDED <br /> THE MOTION. MOTION CARRIED 5-0. <br /> 13. Other Business <br /> There was no other business. <br /> 14. Adjournment <br /> There being no further business, COUNCIL MEMBER COUNCIL <br /> MEMBER AKERSON MOVED TO ADJOURN. COUNCIL MEMBER <br /> RYAN SECONDED THE MOTION. MOTION CARRIED 5-0. <br /> The meeting of the City Council adjourned at 8:10.P.M. <br /> Respectfully submitted, <br /> 941,iL ` <br /> Sandra A. Peine <br /> City Clerk <br />