Laserfiche WebLink
Motion carried. Voting Yes: Mayor Reimann, Councilm~mbers Cox and <br />Pearson. Voting No: Councilmembers DeLuca and Scrteberg. <br /> <br />Mr. Goodrich stated that he will set a new hearing date of October 30, 1987 <br />at 10:00 a.m. and he will notify the property owners by letter. <br /> <br />Case ~]0: !988 BudEet: <br /> <br />Council consensus is to schedule a special City Council meeting for <br />Tuesday, October 20 to discuss the 1988 budget and that the first portion <br />of the budget to be discussed is the community education program and the <br />request for the addition of a key communicator program. <br /> <br />Case #8: ~ppdate On Reque.sts FOr Tax I~crement Assistance: <br /> <br />Mr. ttartley reviewed with Council the figures he has compiled reg, rding <br />current and requested tax increment participation, principle and interest <br />required to bond, debt service and projected revenue generated and time <br />table for receipt of those revenue:, for the Willey/Chateau gnd Summit <br />American/Montgomery Constructions, Inc. proposals. Mr. Hartley stated that <br />it seems clear that both proposals (Willey/Chateau and Summit American) <br />will have to proceed in order for the project to be feasible.' The project <br />would be very successful if SAC payments were accelerated in order to <br />eliminate the four year deficit period. The next step, which has been <br />indicated to Mr. Carson, is to enter into a preliminary development <br />agreement. <br /> <br />Mr. Carson stated that Chateau and Summit American are willing to proceed <br />but can't until there is an affirmative commitment from Council regarding <br />the use of tax increment revenues. <br /> <br />Mr. Eartley stated that the preliminary agreement would indicate council's <br />intention to proceed with the project, the intention of the developers to <br />proceed, set out escrow requirements, the intention of both parties to <br />enter into a subsequent development agreement. ~ne final agreement would <br />address accelerated SAC payments. <br /> <br />Counciimember De,ucc stated that accelerated ¢*~ ~ <br /> ~.~ oav~ents. . are ;ruci~=~ ~o <br /> _c-~.~_> c- :ne ~r=jec -n~ should be accres~ad in ~:= ~a!imin~ry <br />agreement. <br /> <br />Motion by ~ <br /> . Cou_c ....... er Cox and seconded by Counci!member Sorte~erg to <br /> · ' ~ ~ ~'~I [-~ ~- <br />tab'e_ furthe~ discussion of tats ~_~ .... ~.~_~ th~. _.~cec ...... y Council <br /> <br />Motion carried. Voting Yes: ¥~yor S~imann, Councilmembers Scrteberg, Cc:i, <br />DeLuca and iearson. Voting Nc: None. <br /> <br />Eoti~ by ............ r and se ...... ilmem~= S teker~ to <br />a~ourn tLe =o~c~a~ C:~v C~.-'-ci! mae:lng <br /> City Council/October 13, !9S7 <br /> <br />Pace 17 of i8 <br /> <br /> <br />