Loading...
HomeMy WebLinkAboutCity Council - Regular Meeting - Feb 23, 2011 5HJXODU$GMRXUQHG0HHWLQJ1R±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³0UV0XUSK\¶V/DZ´ ZKLFKDGGUHVVHVUHQWDOSURSHUWLHVLIIHZHUWKDQIRXUXQLWVDQGVSHDNVRIWKHULJKWV RIWKHRZQHUOLYLQJRQWKHSUHPLVHV  %3UHVLGHQW'HQQLV+DQVRQFDOOHGWKHPHHWLQJWRRUGHUDWFLOPHPEHUV6Q\GHUPRYHG%LOGHUEDFNVHFRQGHGWRDSSURYHWKHIROORZLQJ FRQVHQWDJHQGDLWHPV   5HJXODU$GMRXUQHG0HHWLQJ1R±)HEUXDU\ '$SSURYHGWKHIROORZLQJOLFHQVHVDQGPLVFHOODQHRXVDFWLYLWLHVSHUPLWV  0LVFHOODQHRXV$FWLYLWLHV $OO6FKRRO&ODVV5HXQLRQ±3HDFH3OD]D±$XJXVW±WR 30 UG 5RFKHVWHU$UWV&RXQFLO$UWLJUDV$QQXDO$UWV)HVWLYDO±0D\R3DUN± $XJXVW± 5HJXODU$GMRXUQHG0HHWLQJ1R±)HEUXDU\ '6HHDWHQGRI'LWHPV  'HIURPWKHRULJLQDOSODQDQGFDQQRWVXSSRUWWKH DPHQGPHQWEXWGRHVVXSSRUWVHWWLQJWKHKHDULQJIRUGLVFXVVLRQ  &RXQFLOPHPEHUV6WDYHUPRYHG:RMFLNVHFRQGHGWRLQLWLDWHGWKHWH[WDPHQGPHQW WRWKH/DQG'HYHORSPHQWDQG=RQLQJ2UGLQDQFHIRUH[SLUDWLRQRIDJHQHUDO GHYHORSPHQWSODQDQGUHIHUUHGWRWKH3ODQQLQJDQG=RQLQJ&RPPLVVLRQIRUWKHLU DFWLRQ$\HV 5HJXODU$GMRXUQHG0HHWLQJ1R±)HEUXDU\ '&RXQFLOPHPEHU6WDYHUDVNHGDERXWWKHUHVSRQVLELOLW\IRUWKHH[SHQVHRIWKH SURMHFW'RXJ1HOVRQ3XEOLF:RUNV'HSDUWPHQWH[SODLQHGWKHUHZDVDQRYHUVLJKW E\WKHGHVLJQFRQVXOWDQWDQGWKH\ZLOOEHFRPSHQVDWLQJIRUWKHFRVW  &RXQFLOPHPEHUV6WDYHUPRYHG%LOGHUEDFNVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJ6XSSOHPHQWDO$JUHHPHQWZLWK(GZDUG.UDHPHUDQG6RQVLQ WKHDPRXQWRIIRU3URMHFW1R0 -HV$JUHHPHQWZLWK65)&RQVXOWLQJWRSUHSDUHWKHHQYLURQPHQWDO WK GRFXPHQWDWLRQDQGILQDOHQJLQHHULQJGHVLJQVHUYLFHVIRU3URMHFW1R- 5HJXODU$GMRXUQHG0HHWLQJ1R±)HEUXDU\ +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ  &RXQFLOPHPEHUV+UXVNDPRYHG:RMFLNVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJWKH,VVXDQFHRI5HYHQXH%RQGVRQ%HKDOIRIWKH0D\R &OLQLFVXEMHFWWRILQDOUHYLHZE\WKH&LW\¶VERQGFRXQVHO&RXQFLOPHPEHU6WDYHU DQG%LOGHUEDFNQRWHGWKHLUDIILOLDWLRQZLWKWKH0D\R&OLQLF$\HV \DJUHHPHQWZKHQWKHSURMHFWSURFHHGV  +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHPHHWLQJ  &RXQFLOPHPEHUV:RMFLNPRYHG6WDYHUVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJ)LQDO3ODW53/$7E\+DPLOWRQ5HDO(VWDWH,QFDQG%DGJHU +LOOV//&WREHNQRZQDV%DGJHU+LOOV)RXUWK6XEGLYLVLRQZLWKILYHFRQGLWLRQV $\HV 5HJXODU$GMRXUQHG0HHWLQJ1R±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±)HEUXDU\  $WWRUQH\$GNLQVVXJJHVWHGWKHODVWVHQWHQFHRIFRQGLWLRQEHFKDQJHGWRUHDG ³+RZHYHUWKHDSSOLFDQWDJUHHVWKDWDSXEOLFVWUHHWZLOOEHUHTXLUHGZLWKWKHORFDWLRQ WREHGHWHUPLQHGDWWKHWLPHRISODWWLQJRIWKHGHYHORSPHQWRIWKHSRUWLRQRIWKH SURSHUW\LILWLVGHWHUPLQHGWKDWVXFKDVWUHHWLVQHHGHGDVDUHVXOWRID3DUNDQG 5HFUHDWLRQVWXG\´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±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¶VVSHFLILHG WKDWWKHUHLVDPD[LPXPRIRQHVLQJOHIDPLO\DWWDFKHGGZHOOLQJVDQGWKHVSHFLDO GLVWULFWDOVRVWDWHGWKDWWKHUHZLOORQO\EHWZLQKRPHVDQGQRRWKHUXVHVZLOOEH DOORZHG+HH[SODLQHGWKHDUFKLWHFWXUDOVWUXFWXUHVWKDWWKH\DUHZLOOLQJWRJXDUDQWHH WKDWDGGUHVVWKHQHLJKERUV¶FRQFHUQV0U*ULIILQVWDWHGWKH\ZHUHLQDJUHHPHQW ZLWKWKHFRQGLWLRQVDQGUHYLVHGODQJXDJHLQWKH6SHFLDO'LVWULFWFRQGLWLRQ  :LVKLQJWREHKHDUGZDV-RDQ*URVVR0V*URVVRDVNHGDERXWWKHEXIIHUDEXWWLQJ KHUSURSHUW\0U*ULIILQVKRZHGKRZWKHUHZLOOEHDQLQFUHDVHGEXIIHUIRUKHU SURSHUW\OLQH  :LVKLQJWREHKHDUGZDV0DUN:LOEXU0U:LOEXU¶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¶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±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¶VDQGDFFHVVDQ\IXWXUHGHYHORSPHQWZRXOGEHUHORFDWHGWRDGLIIHUHQW DUHD+HVWDWHGDIRRWGULYHZRXOGQRWFRPSO\ZLWKFLW\VWDQGDUGVIRUHPHUJHQF\ YHKLFOHV,IWKH6SHFLDO'LVWULFWUHTXHVWLVDSSURYHGWKHQWKHYDFDWLRQFRQGLWLRQVDUH VDWLVILHGDQGWKLVEHFRPHVDSULYDWHGULYHEXWWKH*'3VKRZVWKLVDVDSXEOLF DFFHVVURDG  :LVKLQJWREHKHDUGZDV*HRII*ULIILQ0U*ULIILQVWDWHGWKHDJUHHPHQWZLWK0U .LWDRNDGLGQRWVWDWHWKDWWKHURDGZRXOGEHPRYHGWRDFFRPPRGDWHDFFHVVWRD IXWXUHGHYHORSPHQW7KHUHFRUGHGDJUHHPHQWVWDWHVWKDWWKHIRRWRIODQGVROGWR 0U.LWDRNDLVDGHTXDWHEXIIHUIRUDQ\GHYHORSPHQW+HVWDWHGWKH\DUHILQHZLWK ZKDWHYHULVGHFLGHGDERXWWKHYDFDWLRQEXWWKHLVVXHRIZKHWKHULW¶VSULYDWHRUSXEOLF LVEHWZHHQWKHFLW\DQGWKHODQGRZQHUVDQGQRWZLWKWKHGHYHORSPHQWSODQVEHIRUH WKH&RXQFLO  :LVKLQJWREHKHDUGZDV%LOO7RLQWRQ+HUHVWDWHGWKHFRQFHUQVRI0UDQG0UV .LWDRNDWKDWWKHSODQVKDYHFKDQJHGIURPWKHILUVW*'3DGGLQJPRUHWUDIILFDQGWKH SRWHQWLDOIRUDZLGHUSXEOLFURDGZD\7KH\DUHUHTXHVWLQJPRUHEXIIHUDUHDWKDQWKH FXUUHQWSODQVXSSOLHV  :LVKLQJWREHKHDUGZDV7RP'H%RHUUHSUHVHQWLQJWKH&RQGRQ¶V0U'H%RHU VXEPLWWHGDSUHVHQWDWLRQDQGDVNHGWKH&RXQFLOWRUHVFLQGWKHYDFDWLRQ UHVROXWLRQVRWKHURDGZD\ZRXOGUHPDLQDSXEOLFULJKWRIZD\+HH[SODLQHGWKH UHDVRQVKHIHHOVWKLVVKRXOGUHPDLQDSXEOLFURDGDQGWKDWWKH2UFKDUG+LOOV GHYHORSPHQWVKRXOGDFFHSWDOOFRVWLQFRQVWUXFWLRQDQGPDLQWHQDQFH0U'H%RHU VWDWHGWKH&RQGRQ¶VDQG0U<RXQJHKDGFRPHWRDQDJUHHPHQWIRUDFFHVVWRERWK SURSHUWLHVDQGGLVFXVVHGZLGWKSDUNLQJUHVWULFWLRQVDQGPDLQWHQDQFHRIWKHVKDUHG URDGZD\+HVWDWHGWKDWWKHFRVWWRKDYHWKLVSULYDWHURDGZRXOGEHDEXUGHQWRWKH &RQGRQIDPLO\   5HJXODU$GMRXUQHG0HHWLQJ1R±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±)HEUXDU\  :LVKLQJWREHKHDUGZDV*DU\9DQ&OHYH+HIHHOVWKHGHYHORSPHQWDJUHHPHQW REOLJDWHV0U<RXQJHWRSODWWKHGHYHORSPHQWZLWKLQILYH\HDUVDQGEHFDXVHKH GLGQ¶WKHVKRXOGQRWKDYHWKHRSSRUWXQ LW\WRFRPHEDFNZLWKD*'3WKDWLV LQFRQVLVWHQWZLWKWKH*'3  +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ  &RXQFLOPHPEHU:RMFLNZRXOGOLNHWRVHHWKH:LOH\6WXG\LQFOXGHGLQWKHUHFRUG+H FODULILHGVRPHOHJDOLVVXHVZLWK$WWRUQH\$GNLQVUHJDUGLQJZKHWKHUWKH&LW\LV ERXQGE\DGHYHORSHUVUHSUHVHQWDWLRQVRIIXWXUHODQGGHYHORSPHQWDQGWKH&LW\ $WWRUQH\FODULILHGWKH&LW\LVQRWERXQGE\WKHVHUHSUHVHQWDWLRQV7KH&RXQFLOKDVWR FRQVLGHUWKHFRPSDWLELOLW\RIWKHVXUURXQGLQJDUHDDQGPDNHDGHFLVLRQWRFRPSO\ ZLWK6HFWLRQRIWKH5&27UDIILFVWDQGDUGVDUHFRQVLVWHQWZLWKDOORWKHU GHYHORSPHQWVZLWKLQWKH&LW\$WWRUQH\$GNLQVDOVRVWDWHGWKDWWKHUHLVQRFULWHULDIRU DSSURYDOWKDWUHIHUVVSHFLILFDOO\WRSURSHUW\YDOXHVEXWLWFDQEHFRQVLGHUHGDVSDUW RIWKHFRPSDWLELOLW\UHYLHZ&ULWHULDGRHVQRWH[LVWIRULQILOOGHYHORSPHQWRUDIIRUGDEOH KRXVLQJDVFRQVLGHUDWLRQIRUDSSURYDO  7KH&RXQFLOGLVFXVVHGWKHPDQ\WRSLFVDQGIHOWWKHLVVXHVKDYHEHHQVDWLVILHGE\ VWDII  &RXQFLOPHPEHUV+UXVNDPRYHG%LOGHUEDFNVHFRQGHGWRLQVWUXFWWKH&LW\$WWRUQH\ WRSUHSDUHD)LQGLQJVRI)DFWV&RQFOXVLRQVRI/DZDQG2UGHU'UDIWDSSURYLQJ 6SHFLDO'LVWULFW56'DQG*HQHUDO'HYHORSPHQW3ODQE\0LFKDHO <RXQJHWREHEURXJKWWRWKH&RXQFLO0HHWLQJRQ0DUFKRXWKRIWK6WUHHW 6:  $OOWHVWLPRQ\DQGDFWLRQZDVFRQVLGHUHGLQWKH(+HDULQJ  )&RXQFLOPHPEHUV6Q\GHUPRYHG6WDYHUVHFRQGHGWRDSSURYHWKHIROORZLQJ6RXQG $PSOLILFDWLRQ5HTXHVW3HUPLWV  :DLYH0D[LPXP$OORZDEOH6RXQG3UHVVXUH8QWLO30 0HG&LW\.LG¶V0DUDWKRQ±&LYLF&HQWHUWR%LNH3DWK±0D\± WR$0 UG 5RFKHVWHU$UWV&RXQFLO$UWLJUDV$QQXDO$UWV)HVWLYDO±0D\R3DUN± $XJXVW± 5HJXODU$GMRXUQHG0HHWLQJ1R±)HEUXDU\  0D[LPXP$OORZDEOH6RXQG3UHVVXUH/HYHO1R0RUH7KDQ'HFLEHOV 0LQQHVRWD2YDULDQ&DQFHU$OOLDQFH.UXQ±-HIIHUVRQ(OHPHQWDU\6FKRRO± 0D\±WR$0 $OO6FKRRO&ODVV5HXQLRQ±3HDFH3OD]D±$XJXVW±WR 30  $\HV