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

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buffer from the industrial area. This will add to the value of the homes, and ultimately to the tax base. City Administrator Ulrich commented this has been a patient developer. He said this may not have been developed if were in the private sector. He noted there have been many issues with this property over the years. There have been several potential uses for it. This plan capitalizes on the river, as well as the trail. The development will hopefully raise the level of the homes in the area. This unique project with the bank backing it makes it less of a precedent -setting development for the City. This project is relatively small, which means the bank can do it as a project and get it done in 3 years. The Finance Director approves of the financial situation. The City will get its return back, with 3.5% interest, which is more than with other investments. He noted the language to clarify the timing of paying assessments will be added to the agreement. Motion by Councilmember Johns, seconded by Councilmember Shryock to recommend that the City Council approve the draft Assessment Agreement for Ridgepoint residential development public improvements, Improvement Project 15-21 with the amendment of adding language that clarifies the City will be paid upon the sale of each lot. Motion carried. Voting Yes: Chairperson Riley, Councilmembers Johns and Shryock. Voting No: None. Mr. Kveton and Mr. Diers expressed gratitude for the staffs countless hours on this project and the staffs patience.