Agenda - Council - 05/26/2015 - Laserfiche WebLink

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it is; it needs to be cleaned up and made ready to show. He said he is not worried about selling the land; it just needs to be cleaned up. Commissioner Shryock stated it was good to hear their opinions on this project. She noted having these partnerships is beneficial. This development is in need of their expertise. Commissioner Johns stated she is in favor of this agreement as well. The City has put everything in place, and has endorsed this to be developed from the beginning Since the City has worked with the Bank before, we know they are a good partner and they will follow through. She said this will be a good development, and agreed that it is very low risk. Chairperson Riley questioned if the Legacy Christian Academy assessment has been repaid to the City. City Administrator Ulrich explained that assessment was to be paid over a 15 to 20 year period. He stated the Academy has been current on their taxes, and thereby current on their assessment. Mr. Kveton pointed out when the lots sell, the City will get money back. Every time a lot is closed on, he said the funds go to the City for the assessments. He said he hoped his bank was out of this project in the next year. Mr. Diers stated he did not want to hang onto this for the next few years, either. He noted the market is strengthening. He also pointed out this is not a development that would interest many developers as it is only seven homes. Chairperson Riley asked where in the agreement it states the City would be paid as lots are sold. He said he only noted where it said the City would be paid twice a year; in October and May. He asked if the language could be added relating to payment as the lots are sold. City Administrator Ulrich answered that language could be added. He explained the agreement is that the percentage that each lot is assessed would define the amount that is paid when the lot is sold. Chairperson Riley questioned whether the City was the Bank's only viable source of financing. Mr. Diers responded that is was. He said they cannot take out a loan from another bank and they cannot self -loan. He added that the assessments must be clear to deliver the title. Councilmember Shryock asked if there are any repairs that need to be done in the adjacent existing neighborhood and if they would be done as this development is in progress. Public Works Superintendent Reimer explained this development should not have much of an affect on the existing neighborhood. The roads in that neighborhood have recently been sealcoated, and the drainage is good. Chairperson Riley noted the assessments will average to $85,000 per lot. The allocation varies. He inquired if the amounts made sense with the anticipated selling price. Mr. Diers responded the higher value is placed on Lot 1, which has better access and view of the river. He stated he would like to see someone take interest in lot 7, so they could put up a model. The property would show better. He explained they are planning to add berming, and trees to create a