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Councilmember Strommen stated she would still question if residential properties should pay <br />that assessment. <br /> <br />Assistant Public Works Director Olson advised the Master Development A~eement anticipated <br />that all 320 acres would be assessed for the parking ramp, fmd that is not a change. <br /> <br />Cotmcilmember Zimlnerman questioned who would build the Phase I and Phase II roadways. <br /> <br />Mr. Lasher replied the costs outlined constitute 20 percent of the total cost of that project. The <br />City and county will cover 80 percent of the cost and there is no change in that. <br /> <br />Councilmember Kurak questioned if there will be language included so owners in the future will <br />not be able to argue the assessment. <br /> <br />Assistant Public Works Director Olson ~:esponded in fhe afSrmative.'. <br /> <br />Councilmember Cook questioned why the Council is voting on this entire Development <br />Agreement Amendment tonight if all that can be moved upon is the promisso~ note and the <br />release of the escrow. <br /> <br />Councilmember Kurak commented if the agreement is not signed tonight RTC will begin selling <br />the core. <br /> <br />Mayor Gamec explained tla~ bank will not grant a release for RTC unless certain fi'tings are paid <br />off. All these other companies are waiting to move and the housing will take off. This will give <br />RTC the cash flow they need to get things moving. It is not quite the security the City has with a <br />lot of other things, but this is a huge project they want to see go. He believes the City is still <br />protected. They may be taking a little bit ora chance, but with the land and the other things <br />involved he thinks they are in good shape. <br /> <br />Councihnember Kurak inquired about cost projections on the land, <br /> <br />City Administrator Norman replied at five dollars per square foot the City could make six million <br />dollars off the sale of the land. <br /> <br />Councilmember Cook questioned if the City would be hindering development by holding onto <br />the beucNnarks for 45 days dm'ing the building season. <br /> <br />City Administrator Norman replied RTC still needs to talk to developers, and they are not ready <br />to sell the land yet. <br /> <br />Councilmember Pearson questioned what the City will have prior to releasing the $836,000. <br /> <br />Mr. Lasher replied the Council will agree to release the escrow and for that the), will get <br />agreements fi'om both PACT Schools and.. DR Horton agreeing to the assessment of the total <br /> <br />City Council/July 20, 2004' <br /> Page 5 of 7 <br /> <br />'93 <br /> <br /> <br />