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 - Nov 1, 2010
5HJXODU0HHWLQJ1R±1RYHPEHU 3OHGJHRI$OOHJLDQFH $1RRQHZLVKHGWREHKHDUGGXULQJWKH2SHQ&RPPHQW3HULRG %3UHVLGHQW'HQQLV+DQVRQFDOOHGWKHPHHWLQJWRRUGHUDW 5HJXODU0HHWLQJ1R±1RYHPEHU 0$67(5,167$//(5¶6/,&(16( -DPHV+DUNLQV WK 1RUWK 5HJXODU0HHWLQJ1R±1RYHPEHU ' ($+HDULQJ5HODWLQJWR$PHQGLQJWKH0,)/RDQ$JUHHPHQWZLWK+DUGFRUH&RPSXWHU $VVLVWDQW&LW\$GPLQLVWUDWRU*DU\1HXPDQQVWDWHGWKDW+DUGFRUH&RPSXWHU FRPSDQ\KDVEHHQDEHQHILWWRWKHFLW\DQGIHHOVWKH\ZLOOFRQWLQXHWREHDJRRG HPSOR\HU +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ &RXQFLOPHPEHU6Q\GHUPRYHG:RMFLNVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJWKHDPHQGPHQWWRWKH0,)/RDQ$JUHHPHQWZLWK+DUGFRUH &RPSXWHUV$\HV 5HJXODU0HHWLQJ1R±1RYHPEHU ($+HDULQJRQ2UGLQDQFHDPHQGLQJ6XEGLYLVLRQDQGRI6HFWLRQRIWKH 5RFKHVWHU+RPH5XOH&KDUWHUUHODWLQJWRWKHRUGLQDQFHDGRSWLRQSURFHVV &RXQFLOPHPEHU:RMFLNLVFRQFHUQHGZLWKWKHRUGLQDQFHQRWDGGUHVVLQJHPHUJHQF\ DFWLRQQHHGHG 3UHVLGHQW+DQVRQDVNHGZKDWSUHFLSLWDWHGWKLVDFWLRQ&LW\$WWRUQH\7HUU\$GNLQV H[SODLQHGWKDWDUHVLGHQWIHOWWKH&KDUWHUVKRXOGEHFKDQJHGWRDOORZFLWL]HQV DGYDQFHGQRWLFHRISURSRVHGRUGLQDQFHV 7KHPDMRULW\RIWKH&RXQFLODJUHHGWKDWDQ\DGGLWLRQDOFRVWLVXQDFFHSWDEOHDQG GLGQ¶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±1RYHPEHU :LVKLQJWREHKHDUGZDV$O%UXJJHQWKLHVUHSUHVHQWLQJ$O¶V6SHFLDOW\DQG0DULQH +HDVNHGIRUDQH[SODQDWLRQRIZKDWLVLQWKHIXWXUHIRUWKHLUSURSHUW\DQGQRRQH KDVFRQWDFWHGWKHPWRH[SODLQKRZ$O¶V6SHFLDOW\ZLOOEHDIIHFWHG 3XEOLF:RUNV'LUHFWRU5LFKDUG)UHHVHZLOOPHHWZLWK0U%UXJJHQWKLHVWRGLVFXVV WKHLVVXH :LVKLQJWREHKHDUGZDV%LOO%OHFNZHQQ3ODQQHUIURP0F*KLH %HWWVUHSUHVHQWLQJ WKHDSSOLFDQW0U%OHFNZHQQH[SODLQHGWKDWWKHVWDIIUHSRUWVKRZHGVRPHLVVXHV WKDWWKH\ZRXOGOLNHWRGLVFXVVZLWKVWDIIDQGDVNHGWKDWWKHILQDOSODWEHFRQWLQXHG &RXQFLOPHPEHUV+UXVNDPRYHG6Q\GHUVHFRQGHGWRFRQWLQXH)LQDO3ODW5 3/$7E\0RUULV0HPRULDO//&WREHNQRZQDV0RUULV0HDGRZVWR1RYHPEHU $\HV KRPHV+HLVSURSRVLQJORWVRQDFUHVZKLFKKHIHHOVLV ORZFRPSDUHGWR5VWDQGDUGV+HJDYHVRPHKRPHYDOXHVLQWKHDUHDWKDWYDU\ IURPWR 5HJXODU0HHWLQJ1R±1RYHPEHU 0LQQHVRWD6XSUHPH&RXUWFDVHWKHVWDIIFRXOGQRWVXSSRUWDYDULDQFHWRWKHWUDIILF FRXQWLQWKHLQLWLDOUHTXHVW+HZDQWHGWRPDNHWKDWFOHDUWRWKHQHLJKERUVWKDWWKLV ZDVQRWDGHFHSWLYHPRYHRQWKHGHYHORSHU¶VSDUWDQGWKDWE\]RQLQJWKHDUHD5[ WKH\SODQRQRQO\SXWWLQJLQWKHORWVDQGQRWKLQJHOVH+HGRHVQRWIHHOWKDWWKLV GHYHORSPHQWZLOOGHFUHDVHVXUURXQGLQJDUHD¶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±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³FRPSDWLEOH´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¶VDELOLW\WRFRQWUROWKH*'3GHQVLW\0U:KHHOHUH[SODLQHGWKDW WKH&RXQFLOZLOOKDYHWKHDELOLW\WRGHQ\D7\SH,,,RU7\SH,,DSSOLFDWLRQEXWWKH 7\SH,DSSOLFDWLRQLVVXEMHFWRQO\WRVWDIIDGPLQLVWUDWLYHDSSURYDO :LVKLQJWREHKHDUGZDV&KULV:RRG0U:RRGLVRSSRVHGWRWKHSURSRVHG GHYHORSPHQW0U:RRGLVRXWVLGHWKHUHTXLUHGIRRWQRWLILFDWLRQUXOHEXWIHHOV WKHUHKDVEHHQDODFNRIFRPPXQLFDWLRQE\WKHGHYHORSHUWRILQGRXWWKHFRQFHUQV RIWKHSURSHUW\RZQHUVDIIHFWHG+HGRHVQRWIHHOWKDWPLQXWHVWDNHQE\WKH* 5HJXODU0HHWLQJ1R±1RYHPEHU &XEHGVWDIIWUXO\UHIOHFWHGWKHRXWFRPHRIWKHQHLJKERUKRRGPHHWLQJV+HVWDWHGDW KLVPHHWLQJZLWK0U<RXQJHKHZDVWROGWKDWWKHQXPEHURIWRZQKRPHVRQWKH XSSHUDUHDZRXOGUHPDLQDWXQLWVWKH\ZRXOGUHPDLQDWWDFKHGDQGWKDWWKH\ ZRXOGQRWDIIHFW0U:RRG¶VKRXVHDQGRQO\LPSDFWWZRRWKHUKRPHVDQGKHZRXOG WK PHHWZLWKWKHPLQGLYLGXDOO\+HIHOWWKH6HSWHPEHUWKHJURXQGRIWRZQKRPHV DGMDFHQWWRVLQJOHIDPLO\KRPHVQRWEHLQJFRPSDWLEOH+HDVNHGWKH&RXQFLOWR GHQ\WKH]RQHFKDQJHDQG*'3 :LVKLQJWREHKHDUG7RP'HERHUVSHDNLQJRQEHKDOIRI.HYLQDQG-HQQLIHU &RQGRQ+HVKRZHGDPDSRIWKH&RQGRQSURSHUW\DQGWKHFXUUHQWDFFHVVRQWKH ZHVWVLGHRIWKHGHYHORSPHQW0U'HERHUH[SODLQHGWKDWWKHSUHYLRXVSURSHUW\ RZQHU0U)UHG9DJWQHYHUHQWHUHGLQWRDSXUFKDVHDJUHHPHQWZLWK0U<RXQJH DQGKLVZLVKHVZHUHWRNHHSWKHODQGLQWKHIDPLO\7KH&RQGRQ¶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±1RYHPEHU FRQGLWLRQVRIWKHYDFDWLRQZDVWKH&RQGRQ¶VKDGWRDJUHHWRWKHDFFHVVSURYLVLRQWR WKHLUSURSHUW\0U'HERHUZDVFRQFHUQHGDERXWPDLQWHQDQFHRIWKHGULYHZD\WRWKH &RQGRQKRPH0U*ULIILQLQGLFDWHGWKDWWKH&RQGRQ¶VPD\KDYHWRMRLQWKH WRZQKRPHDVVRFLDWLRQWRPDLQWDLQWKHLUGULYHZD\HYHQWKRXJKWKHLUSURSHUW\ZLOO QHYHUEHDSDUWRIWKHDVVRFLDWLRQ7KH\GRQ¶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¶VSOD\JURXQG+HVWDWHGWKDWLVZK\KHDVNHGLIKHFRXOGSXUFKDVHD VWULSRIODQGVRWKHURDGZRXOGQRWEHEXLOWVRFORVHWRKLVSURSHUW\OLQH+HLV RSSRVHGWRKDYHDURDGSDUDOOHOLQJKLVHDVWSURSHUW\OLQH0U.LWDRNHDOVRLV FRQFHUQHGZLWK0U*ULIILQ¶VFRQWLQXH GFRPPHQWVDERXWSURSHUW\YDOXHVQRWEHLQJ DIIHFWHGE\LQILOOGHYHORSPHQWDQGKHVWDWHGWKDWWKHUHLVQRGDWDSXEOLVKHGIRUWKH &LW\RI5RFKHVWHUFRQILUPLQJWKHVHFRPPHQWV 3KLO:KHHOHU3ODQQLQJ'HSDUWPHQWUHVSRQGHGWR0U.LWDRNH¶VFRPPHQWVWDWLQJ WKHUHLVQRV\VWHPDWLFVWXG\RWKHUWKDQWRVKRZWKDWPRVWRIWKHYDULDELOLW\LQ KRXVLQJSULFHVDFFRXQWIRUDJHDQGVL]HRIWKHVWUXFWXUH :LVKLQJWREHKHDUGZDV*HRII*ULIILQ*&XEHG0U*ULIILQSRLQWHGRXWWKDWGHQVLW\ IRUWKHXSSHUSRUWLRQRIWKHGHYHORSPHQWLVSURSRVHGDWXQLWVSHUDFUHDQGORZHU WKDQDOORZDEOH5VWDQGDUGV+HVWDWHGWKDWWKHGHYHORSPHQWRQO\UHTXLUHVWKHPWR PHHWRQHFULWHULRQIRUWKH]RQHFKDQJHDSSURYDODQGWKH\FOHDUO\PHHWWKHFULWHULRQ WKDWDGGUHVVHVWKH'HFRUDK(GJH+HGLVDJUHHVZLWKWKHFRPPHQWVDERXW WRZQKRPHVQRWVHOOLQJEHFDXVHWKHUHDUHUHFRUGHGVDOHVDWWKH&RXQW\5HFRUGHU¶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±1RYHPEHU %UHQW6YHQE\3ODQQLQJ'HSDUWPHQWZDQWHGWRFODULI\WKHJHQHUDOFRPSDWLELOLW\ 6HFWLRQZLWKFRPSDWLELOLW\WUHDWLQJH[WHULRUVXUIDFHVZLWK DEXWWLQJQHLJKERUKRRGVLVDUHDVRQDEOHDSSURDFKWRFRPSO\ZLWKVWDQGDUGVEXW ZKHQUHTXLULQJDPLQLPXPEXLOGLQJYDOXHLWLVDUJXDEO\LQFRQVLVWHQWZLWKSDVW &RXQFLODFWLRQ,W¶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±1RYHPEHU 3KLO:KHHOHUH[SODLQHGWKDWDVSHFLDOGLVWULFWLVDQRSWLRQLQWKHSODQQLQJRUGLQDQFH WKDWIXQFWLRQVDVDQRYHUOD\GLVWULFWDQGDQ\WKLQJWKDWLVGLIIHUHQWWKDQWKHXQGHUO\LQJ ]RQLQJLVVSHOOHGRXWDVFRQGLWLRQVIRUDSSURYDO 7KHWLPHLVVXHZDVGLVFXVVHGIRUWKHGD\UXOHIRUWKH*'3DQGWKHWLPHQHHGHG WRLPSOHPHQWWKHVSHFLDOGLVWULFW$WWRUQH\$GNLQVVWDWHGDVSHFLDOGLVWULFWDSSOLFDWLRQ LVDQDFWXDORUGLQDQFHRQD]RQLQJGLVWULFWDOOXQWRLWVHOILW¶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±1RYHPEHU WHUPLQWHUHVWVRIWKHFLW\LQUHJDUGVWRWUHHSODQWLQJ :LVKLQJWREHKHDUGZDV.DWKU\Q0RH0V0RHIHHOVDOOWKHSDUWLHVLQYROYHGKDYH ZRUNHGKDUGWRSUHVHQWWKH&RXQFLOZLWKWKHGUDIWEHIRUHWKHP6KHDVNHGWKH &RXQFLOWRFRQVLGHUIRRWVSDFLQJLQVWHDGRIIRRWVSDFLQJLQSODFHPHQWRIWKH WUHHVEXWGLGDVNWKH&RXQFLOWRVXSSRUWWKHFKDQJH $WWRUQH\$GNLQVDVNHGIRUFODULILFDWLRQRQWKHFRUUHFWRUGLQDQFHGUDIWEHIRUHWKH &RXQFLO7KHUHDUHPHPRVIURP-RKQ+DUIRUGRQSDJHHQWLWOHG³7UHH3ODQWLQJ 2UGLQDQFH$PHQGPHQW´DQGRQSDJHGDWHGLVD³%RXOHYDUG7UH H 2UGLQDQFH$GGHQGXP´0U+DU IRUGFODULILHGWKDWSDJHDQGZKDWIROORZVLV DPHQGHGE\ZKDWIROORZVRQSDJHDQGZKDWIROORZV%HFDXVHRIWKH DPHQGPHQWDQGDGGHQGXP$WWRUQH\$GNLQVVXJJHVWHGQRWJLYLQJLWDILUVWUHDGLQJ WRQLJKWEXWEULQJLQJLWEDFNWR&RXQFLORQFHWKHFKDQJHVKDYHEHHQPDGH :LVKLQJWREHKHDUGZDV7RQ\/HKUPDQUHSUHVHQWLQJWKH5RFKHVWHU$UHD%XLOGHUV $VVRFLDWLRQ0U/HKUPDQIHHOVWKHUHKDVEHHQJRRGFRPPXQLFDWLRQZLWKWKH JURXSVDQGDOODJUHHWKDWWKHUHQHHGVWREHPRUHWUHHVSODQWHG+HGRHVQRWIHHO WKHRUGLQDQFHDOORZVIRUWKHIOH[LELOLW\RIWKHEXLOGHUVDQGKRPHRZQHUV7KHLUPDLQ REMHFWLRQLVWRWKHUHTXLUHPHQWIRUERXOHYDUGWUHHVLQQHZGHYHORSPHQWV7KH\ ZRXOGOLNHWKHKRPHRZQHUWREHDEOHWRSODQWDWUHHRQWKHLURZQSURSHUW\WRPHHW WKHUHTXLUHPHQWVRIWKHRUGLQDQFH0U/HKUPDQHPSKDVL]HGWKHIDFWWKDWWKLVZLOO LQFUHDVHKRXVLQJFRVWVDQGVWURQJO\HQFRXUDJHGWKH&RXQFLOWRWDNHWKDWXQGHU FRQVLGHUDWLRQLQPDNLQJWKHLUGHFLVLRQ+HIHHOVWKDWWKH&LW\QHHGVWRDGGUHVVKRZ WKH\ZLOOUHSODFHWUHHVDVWKH&LW\GHYHORSVLIWKH\DUHJRLQJWRUHJXODWHWUHH SODQWLQJE\WKHDUHDEXLOGHUV &RXQFLOPHPEHU:RMFLNVWDWHGKHGLGVRPHUHVHDUFKRQRWKHUFLWLHVWKDWZHUH QDPHG³&LWLHV)RUWKH1H[W'HFDGH´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±1RYHPEHU SURFHVV+HIHHOVWKHPDLQFRQFHUQRIWKH5$%LVWKHLQFUHDVHGFRVWWRDIIRUGDEOH KRXVLQJLQWKHVHHFRQRPLFWLPHV+HVWDWHGWKHEXLOGHUVDUHLQIDYRURILQFUHDVLQJ WKHQXPEHURIWUHHVLQ5RFKHVWHUDQGPRUHZRUNVKRXOGEHGRQHZLWKHGXFDWLRQEXW KHGRHVQ¶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¶VUHTXHVWVWR3ODQQLQJ&RPPLVVLRQDERXW QRWLQFOXGLQJWUHHSODQWLQJDGMDFHQWWRSDUNODQG6KHDVNHGWKDWWKH2UGLQDQFHEH UHDGIRUWKHILUVWWLPHZLWKDPHQGPHQWV$WWRUQH\$GNLQVVWDWHGWKLVZDVQRWWKH FDVHEHFDXVHKHFRXOGQRWDQWLFLSDWHWKHDFWLRQWKH&RXQFLOZLOOGLUHFWWRKLPDIWHU WRQLJKW¶VWHVWLPRQ\EXWWKHPRWLRQZLOOLQFOXGHDQ\DPHQGPHQWV0V6FKXOW]H VWDWHGWKHFLW\KDVWKHUHVSRQVLELOLW\IRUERXOHYDUGVEHFDXVHWKH\DUHSDUWRIWKHFLW\ VWUHHWVDQGULJKWRIZD\V%HFDXVHRIWKLVVKHIHHOVLW¶VWKH&RXQFLO¶VGHFLVLRQRQ WKHUHJXODWLRQRIWKHERXOHYDUGWUHHV6KHIHHOVLWLVSDUWRIWKH&LW\¶VLQIUDVWUXFWXUH DQGVKRXOGEHWUHDWHGWKLVZD\0V6FKXOW]HDOVRIHHOVWKDWWKHVWDQGDUGVSDFLQJ IRUERXOHYDUGWUHHVLVIHHWDQGIHHOVWKLVVKRXOGUHPDLQWKHVWDQGDUGDQGQRW FKDQJHLWWRWKHIHHWWKDW5$%LVUHTXHVWLQJ 5HJXODU0HHWLQJ1R±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±1RYHPEHU *D$Q2UGLQDQFH$PHQGLQJDQG5HHQDFWLQJ6HFWLRQ$RIWKH5RFKHVWHU&RGHRI 2UGLQDQFHV5HODWLQJWRWKH5HDGRSWLRQRIWKH&LW\¶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±1RYHPEHU $Q2UGLQDQFH&UHDWLQJDQG(QDFWLQJVXEGLYLVLRQRI6HFWLRQDQG VXEGLYLVLRQRI6HFWLRQRIWKH5RFKHVWHU&RGHRI2UGLQDQFHV5HODWLQJWR 'LVRUGHUO\8VHVRQ5HQWDO3URSHUW\3XUFKDVHGE\$QRWKHUZDVJLYHQDVHFRQG UHDGLQJ&RXQFLOPHPEHUV6Q\GHUPRYHG1RZLFNLVHFRQGHGWRDGRSWWKH 2UGLQDQFHDVUHDG$\HV