Loading...
HomeMy WebLinkAboutCity Council - Regular Meeting - Dec 18, 2006 5HJXODU$GMRXUQHG0HHWLQJ1R±'HFHPEHU 3OHGJHRI$OOHJLDQFH  $1RRQHZLVKHGWREHKHDUGGXULQJWKH2SHQ&RPPHQW3HULRG  %3UHVLGHQW'HQQLV+DQVRQFDOOHGWKHPHHWLQJWRRUGHUDWDWLQXP'HYHORSPHQW *URXSIRUFRQVWUXFWLRQRIDFOXEKRXVHDWWKH(DVWZRRG*ROI&RXUVH  '$GRSWHG5HVROXWLRQ1RHQWHULQJLQWRD-RLQW)XQGLQJ$JUHHPHQWZLWKWKH 86*HRORJLFDO6XUYH\2IILFHIRUFRQWLQXDWLRQRIWKH5LYHU5HSRUWLQJ*DXJHIRUWKH WK 6RXWK)RUNRIWKH=XPEUR5LYHUDW 5HJXODU$GMRXUQHG0HHWLQJ1R±'HFHPEHU '$GRSWHG5HVROXWLRQ1RDSSURYLQJWKH$JUHHPHQWEHWZHHQWKH&LW\RI 5RFKHVWHUDQGWKH5RFKHVWHU$LUSRUW&RPSDQ\IRUWKHVSUHDGLQJRIELRORJLFDOVROLGV IURPWKH:DWHU5HFODPDWLRQ3ODQWRQDFUHVRIDLUSRUWSURSHUW\IRUWKHSHULRG UXQQLQJ-DQXDU\ 6LJQV 5HJXODU$GMRXUQHG0HHWLQJ1R±'HFHPEHU 7D[LFDEV 7HOHFRPPXQLFDWLRQV 7KHDWUHV PRWLRQSLFWXUHV   '$SSURYHG$FFRXQWV3D\DEOHLQWKHDPRXQWRIDQG,QYHVWPHQW 3XUFKDVHVRID5HYRFDEOH3HUPLWZLWK0D\R&OLQLF 5RFKHVWHUWRDOORZWKHLQVWDOODWLRQRIDQDZQLQJZLWKLQWKHULJKWRIZD\RI6HFRQG 6WUHHW6:DGMDFHQWWRWKH%XLOGLQJORFDWHGRQ/RWVDG 5HJXODU$GMRXUQHG0HHWLQJ1R±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±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±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±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¶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±'HFHPEHU :LVKLQJWREHKHDUGZDV.ULVWL&ODUNH0F*KLH %HWWVUHSUHVHQWLQJWKHDSSOLFDQW 6KHVDLGWKDWRQHWKLQJWKDWL VSUHVHQWZLWKWKLVGHYHORSPHQWWKDWKDVQ¶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±'HFHPEHU E\WKHQHLJKERUVWKDWWKHUHZDVDQDXGLRUHFRUGLQJRIWKH)HEUXDU\ PHHWLQJLQZKLFKWKHUHZDVD³QREXLOGQRGLVWXUE´DUHD:KHQ-HII%UREHUJ 0F*KLH %HWWV ZDVTXHVWLRQHGDERXWWKDWKLVZRUGVZHUH³1RGLVWXUEWRXVLV QRGLVWXUE´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¶WEHUHPRYHGLIEXOOGR]HUVRU RWKHUKHDY\HTXLSPHQWGULYHVXQGHUWKHGULSOLQHWKHJURXQGDQGURRWVZLOOEH GLVWXUEHGDQGWKHWUHHVZLOOGLH0U.ODXVVDLGWKDWDWWKH6SULQJ%URRNH2QH GHYHORSPHQWKHDULQJ&RXQFLOPHPEHU0DUFRX[PDGHWKHPRWLRQWKDWLWEHDFFHSWHG ZLWKWKHQRGLVWXUEIRRWEXIIHU+HDVNHGWKH&RXQFLOWRSODFHDFRQGLWLRQRQWKLV SURMHFWDVZHOOWKD WWKHEXIIHUDUHDLVD³QRGLVWXUE´DUHDWRDVVXUHWKDWWKHWUHHVZLOO QRWGLH  UG :LVKLQJWREHKHDUGZDV:HQG\7XUUL6WUHHW6:6KHVDLGWKDWEHIRUH RQHRIWKHELJLVVXHVZDVWKH'HFRUDK(GJH6KHWKDQNHGWKH&RXQFLOIRUSDVVLQJ WKDWRUGLQDQFH0U7XUULVDLGWKDWNHHSLQJWKHWUHHEXIIHUZLOOEHJRRGWRVHSDUDWH WKHWZRGLIIHUHQWW\SHVRIQHLJKERUKRRGV  :LVKLQJWREHKHDUGZDV.ULVWL&ODUNHZKRVDLGWKDWWKHUHZLOOEHXWLOLWLHVSODFHGEXW WKDWWKH\DUHW\SLFDOO\SXWLQWKHILUVWWHQIHHWRIWKHORWDQGZLOOQRWEHSODFHGLQWKH EXIIHUDUHD7KHUHLVDIRRWPLQLPXPVHWEDFNIRUEXLOGLQJV  7HUU\$GNLQV&LW\$WWRUQH\VDLGWKDWWKHSUHOLPLQDU\SODWDSSURYDO)LQGLQJVRI)DFW &RQFOXVLRQVRI/DZDQG2UGHUWKDWWKH&RXQFLODGRSWHGIURP1RYHPEHU PHHWLQJVD\V³$QREXLOGHDVHPHQWPXVWEHVXEPLWWHGWRWKHDIIHFWHGQHLJKERUV RUWKHLUUHSUHVHQWDWLYHVIRUWKHLULQSXWDQGWRWKH&LW\&RXQFLOIRULWVDSSURYDOSULRUWR WKHHDVHPHQW¶VUHFRUGLQJ´0V7XUULVDLGWKDWDIWHUWKH)HEUXDU\PHHWLQJ WKHSURMHFWFKDQJHGWKH&RXQFLODVNHGWKHGHYHORSHUDQGQHLJKERUVWRKDYHD PHHWLQJWRFRPHXSZLWKDVROXWLRQEXWWKHGHYHORSHUEDFNHGRXWEHIRUHDPHHWLQJ ZDVHYHUKHOG  WK :LVKLQJWREHKHDUGZDV-HQQLIHU0DQQ 5HJXODU$GMRXUQHG0HHWLQJ1R±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³$QREXLOGHDVHPHQWPXVWEHVXEPLWWHGWRWKHDIIHFWHGQHLJKERUVRU WKHLUUHSUHVHQWDWLYHVIRUWKHLULQSXWDQGWRWKH&LW\&RXQFLOIRULWVDSSURYDOSULRUWR WKHHDVHPHQW¶VUHFRUGLQJ´  &RXQFLOPHPEHUV0DUFRX[PRYHG6Q\GHUVHFRQGHGWRDSSURYH$PHQGPHQWWR *'3E\501/DQG'HYHORSPHQW//&WREHNQRZQDV6SULQJ%URRN9DOOH\ WK 6XEGLYLVLRQZLWKFRQGLWLRQVDPHQGLQJWKHFRQGLWLRQWRUHDG³$QREXLOG HDVHPHQWPXVWEHVXEPLWWHGWRWKHDIIHFWHGQHLJKERUVRUWKHLUUHSUHVHQWDWLYHVIRU WKHLULQSXWDQGWRWKH&LW\&RXQFLOIRULWVDSSURYDOSULRUWRWKHHDVHPHQW¶VUHFRUGLQJ´ DQGLQVWUXFWHGWKH&LW\$WWRUQH\WRSUHSDUH)LQGLQJVRI)DFW&RQFOXVLRQVRI/DZ DQG2UGHU$\HV DWHGQRUWKRI)OHHW)DUPZHVW RI7+DQGVRXWKRIWKH6RXWKWRZQ6XEGLYLVLRQV  $OOWHVWLPRQ\WDNHQLQ,WHP(DSSOLHV  &RXQFLOPHPEHU0DUFRX[PRYHG1RZLFNLVHFRQGHGWRDSSURYH$PHQGHG 3UHOLPLQDU\3ODWE\501/DQG'HYHORSPHQW//&WREHNQRZQDV6SULQJ WK %URRN9DOOH\6XEGLYLVLRQZLWKFRQGLWLRQVDPHQGLQJWKHFRQGLWLRQWRUHDG³$ QREXLOGHDVHPHQWPXVWEHVXEPLWWHGWRWKHDIIHFWHGQHLJKERUVRUWKHLU UHSUHVHQWDWLYHVIRUWKHLULQSXWDQGWRWKH&LW\&RXQFLOIRULWVDSSURYDOSULRUWRWKH HDVHPHQW¶VUHFRUGLQJ´DQGLQVWUXFWHGWKH&LW\$WWRUQH\WRSUHSDUH)LQGLQJVRI)DFW &RQFOXVLRQVRI/DZDQG2UGHU$\HV 5HJXODU$GMRXUQHG0HHWLQJ1R±'HFHPEHU :LVKLQJWREHKHDUGZDV%U\DQ+ROW]<DJJ\&ROE\UHSUHVHQWLQJWKHDSSOLFDQW+H QRWHGDJUHHPHQWZLWKWKHIRXUFRQGLWLRQV  +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ  &RXQFLOPHPEHUV%OHQNHUPRYHG1RZLFNLVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJ)LQDO3ODW