03-14-11 Public Works & Property Vacation

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(f µ , � �.�a r � '��f �� PUBLIC WORKS AND PROPERTY VACATION 3-14-11 Committee Members Present: David Varner; Tim Rouse;Tom LaFountain; Henry Davis Other Council Members Present: Derek Dieter; Karen L.White;Ann Puzzello; Oliver Davis Others Present: Gregg Zientara; Gary Gilot; Mayor Stephen Luecke; Kyle Chamberlin, Rita Kopala; Kathy Cekanski-Farrand Agenda: Bill No. 07-11 —Appropriation—Major Moves$ Chairperson Varner recognized Gary Gilot, Director, Public works to make a presentation of Substitute Bill No. 07-11. This bill asks the Council to appropriate$2.4 from the Major Moves , fund for infrastructure in the"triangle" area adjacent to the Eddy Commons improvements, Gary explained. Four hundred thousand would be for sewers, the remaining for streets and streetscapes. Councilmember Puzzello asked for a map of the area which Gary said he would provide. Gary went on to say potential owners could choose from about 14 different approved models each in a price range just under$200,000. In addition 30%of the homes would be set aside as affordable housing. Chairperson Varner asked if there was a repayment schedule for the borrowed Major Moves . dollars. Gary and Gregg Zientara said the loan would be repaid between 2014 and 2029. Kathy Cekanski asked that an amortization schedule be provided to the Council. Chairperson Varner asked if the projected tax revenues would be adequate to repay the loan. The Mayor said Kite Development was very optimistic. Don Inks whose figures the City was using was much more conservative. The Mayor said thee was a list of 50 potential buyers indicating solid reasons for optimism. Councilmember Varner said he would like to see the list. Councilmember Rouse said his heart has always been with the project; but wonders whether the City has done"due diligence" regarding the financial aspects of the project. He said he has misgivings. Councilmember Varner added that he shares the financial concerns. He said he would rather wait for the outcome of the pending eminent domain case holding up the start of construction. � Somewhat disheartened at the Council's skepticism Gary Gilot said the finances need to parallel the infrastructure timetable.