Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
City Council - Regular Meeting - Jun 16, 2014
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±(JUHVVDFURVV2XWORW,1RUWKZHVW&RPPHUFLDO &HQWHUWRWK$YHQXH1: $SSURYHG5HVROXWLRQ1RJUDQWLQJDUHYRFDEOHSHUPLWWR)$(+ROGLQJV 5//&WRDOORZDQH[LWRQO\GULYHZD\WREHFRQVWUXFWHGRQ2XWORW, 1RUWKZHVW&RPPHUFLDO&HQWHU '6LWH$FFHVV$JUHHPHQWIRULPSURYHPHQWVUHODWHGWR6LWH'HYHORSPHQW3ODQ 5±8UEDQ(DVHO $SSURYHG5HVROXWLRQ1RDXWKRUL]LQJD6LWH$FFHVV$JUHHPHQWZLWK$QGURV //&IRUSURSHUW\GHVFULEHGDV/RWV %ORFN&RRN6XEGLYLVLRQDQG/RW $XGLWRU V3ODW%2OPVWHG&RXQW\0LQQHVRWD 'KDVEHHQPRYHGWR3XOOHG)URP&RQVHQW$JHQGD '$XWKRUL]DWLRQWR6HHN&OHDQ:DWHU3DUWQHUVKLS*UDQW $SSURYHG5HVROXWLRQ1RRXWK%URDGZD\ - $SSURYHG5HVROXWLRQ1RDXWKRUL]LQJDSURIHVVLRQDOVHUYLFHVDJUHHPHQW ZLWK:6% $VVRFLDWHVLQDQDPRXQWQRWWRH[FHHG 5HJXODU$GMRXUQHG0HHWLQJ-XQH ')RQWDLQH7RZHUV3DUNLQJ$JUHHPHQW $SSURYHG5HVROXWLRQ1RDXWKRUL]LQJDSDUNLQJDJUHHPHQWZLWK)RQWDLQH 7RZHUV/LPLWHG3DUWQHUVKLSIRUXSWRVSDFHVLQWKH&LW\ VPXQLFLSDOSDUNLQJ UDPSVDQGXSWRDQDGGLWLRQDOVSDFHVRQDSUHIHUHQFHEDVLVDVGHILQHGLQWKH DJUHHPHQW '3DVVHQJHUDQG&RPPRGLW\/RDGLQJ%ORFNVW$YH6: $SSURYHG5HVROXWLRQ1RDGRSWLQJDQGDPHQGLQJWKH&RPSUHKHQVLYH 7UDIILFDQG3DUNLQJ5HVROXWLRQSUHYLRXVO\DGRSWHGDQGDPHQGHGE\WKH&RPPRQ &RXQFLODVIROORZV $PHQGSDUDJUDSK6HFWLRQ,=RQH(0LQXWH0HWHUVWRUHDGDVIROORZV VW ³$YHQXH6:LQWKHEORFNRQWKHZHVWVLGHVSDFHQXPEHUVWKURXJK ´ $GGSDUDJUDSK6HFWLRQ-3DVVHQJHUDQG&RPPRGLW\/RDGLQJ=RQHVWRUHDGDV IROORZV VW ³$YH6:EORFNZHVWVLGHRQHVSDFHRQHLWKHUHQGDQGPLGEORFNDWVSDFHV DQG´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¶V2IILFH2OPVWHG &RXQW\0LQQHVRWD 7KHFHQWHUOLQHRIVDLGIRRWZLGHHDVHPHQWEHJLQGHVFULEHGDVIROORZV &RPPHQFLQJRQWKHVRXWKHUO\ULJKWRIZD\OLQHRI7+1RDWWKHQRUWKHDVWHUO\ FRUQHURIVDLG%ORFNORI$SDFKH0DOO6KRSSLQJ&HQWHU5HVXEGLYLVLRQ1ROWKHQFH ZHVWHUO\RQD0LQQHVRWD6WDWH3ODQH*ULG$]LPXWKIURPQRUWKRIGHJUHHV PLQXWHVVHFRQGVDORQJVDLGVRXWKHUO\ULJKWRIZD\OLQHāIHHWWKHQFH VRXWKHUO\RUWKZHVWHUO\GHJUHHVPLQXWHVVHFRQGVD]LPXWKIHHW WKHQFHQRUWKHDVWHUO\GHJUHHVPLQXWHVVHFRQGVD]LPXWKIHHWWKHQFH VRXWKZHVWHUO\āGHJUHHVPLQXWHVVHFRQGVD]LPXWKāIHHWWKHQFH QRUWKZHVWHUO\GHJUHHVPLQXWHVVHFRQGVD]LPXWKIHHWWKHQFH QRUWKHUO\GHJUHHVPLQXWHVVHFRQGVD]LPXWKIHHWWKHQFHZHVWHUO\ GHJUHHVPLQXWHVVHFRQGVD]LPXWKIHHWWKHQFHHDVWHUO\ 5HJXODU$GMRXUQHG0HHWLQJ-XQH GHJUHHVPLQXWHVVHFRQGVD]LPXWKIHHWWKHQFHQRUWKHUO\GHJUHHV PLQXWHVVHFRQGVD]LPXWKā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