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Motion carried. Voting Y~.~: Mayor Reimann, Councilmembers Cox and <br />Pearson. Voting No: Councilmembers DeLuca and Sorteberg. <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 ~10: 1988 Budget: <br /> <br />Council consensus is to schedule a special City Council meeting for <br />Tuesday, October 20 re. ~iscu~,-.s 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 ~ key communicator program. <br /> <br />~se ~: Ppdate On Re~uest~ For Tax Increment Assistance: <br /> <br />Mr. ttartley reviewed with Council the figures he has compiled regarding <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 revenues for the Willey/Chateau and 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 h~ve to proceed in order for the project to be feasible. The project <br />would be very ~uccessful if SAC payments were accelerated in order to <br />eliminate the four >'ear 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 a~reement. %-ne final agreement would <br />address accelerated SAC payments. <br /> <br />Counci!member DeLuca stated that accelerated SAC payments are crucial to <br />the feasibility of the project and should be addressed in the preliminary <br />agreement. <br /> <br />Motion by Councilmember Cox znd seconded by Counci!member Sorteberg to <br />table further discussion of this case until the special City Council <br />meeting saheduled for October 20, i~7. <br /> <br />Motion carried. Voting Yes: ~yor Re imann, Counci!me~mers Sorteberg, Cox, <br />DeLuca and Pearson. Voting l~o: ~one. <br /> <br />Motion by Councilm-~mber Cox and seconded by Councilmember Scrteberg to <br />adjourn the special City Council meeting. <br /> City Council/October 13, !987 <br /> <br />Page 17 of !8 <br /> <br /> <br />