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 - May 4, 2009
5HJXODU0HHWLQJ1R±0D\ 3OHGJHRI$OOHJLDQFH $1RRQHZLVKHGWREHKHDUGGXULQJWKH2SHQ&RPPHQW3HULRG %3UHVLGHQW'HQQLV+DQVRQFDOOHGWKHPHHWLQJWRRUGHUDW 5HJXODU0HHWLQJ1R±0D\ 0DVWHU,QVWDOOHU 0DWWKHZ59DQ%ULHVHQ(DVW%HWKHO 0LVFHOODQHRXV$FWLYLWLHV $PHULFDQ)RXQGDWLRQIRU6XLFLGH3UHYHQWLRQ±)XQGUDLVLQJ:DON± 6HSWHPEHU ± $0WR 30 VW 5RFKHVWHU$UWV&RXQFLO±$QQXDO$UWV)HVWLYDO±$XJXVW ± $0WR 30 +DELWDWIRU+XPDQLW\±0LOH%LF\FOH5LGH)XQGUDLVHU±-XO\ 6LJQV *RJR,QFGED9LWDO6LJQV0LGZHVW'HODQR -DQXDU\ 5HQHZDO/LFHQVHV +HDWLQJ9HQW $LU&RQG 0DVWHU,QVWDOOHU 6LGHZDON±&RQFUHWH 7UDQVSRUWDWLRQ)UDQFKLVH $SULO 5HQHZDO/LFHQVHV 6XQGD\/LTXRU )LUHZRUN6DOHV 3HUFHQW2II6DOH%HHU±1JRY(DYGED$VLDQ)RRG6WRUH,QF 2Q6DOH,QWR[LFDWLQJ/LTXRU±7KH%UHDN5RRP//&GED7KH%UHDN5RRP '$SSURYHG$FFRXQWV3D\DEOHLQWKHDPRXQWRI 5HJXODU0HHWLQJ1R±0D\ 0RGLILFDWLRQVDQG:HWODQG0RQLWRULQJDQG'HOLQHDWLRQIRUWKH6WRUP:DWHU 0DQDJHPHQW3RQG(3QHDU8&5´ '$GRSWHG5HVROXWLRQ1R\HV 5HJXODU0HHWLQJ1R±0D\ ,QWHUQDWLRQDO$IIDLUV&RPPLWWHH±3LW.HH<HRK +HULWDJH3UHVHUYDWLRQ&RPPLWWHH±-DQH%LVHO9LUJLQLD%URZQ9DOHULH*XLPDUDHV &\QWKLD6FRWW6WHYHQVRQ:LOOLDPVDQG(LOHHQ=LUEHO &RPPLWWHHRQ8UEDQ'HVLJQ (QYLURQPHQW &8'( ±6WHSKDQ/HZLV '&RXQFLOPHPEHU:RMFLNDVNHGWKH&LW\$WWRUQH\WRSRLQWRXWWKHPLQRUJUDPPDWLFDO FKDQJHVPDGHLQWKHSURSRVHG(QHUJ\&RPPLVVLRQRUGLQDQFH LH3DJH ,WHP 6XEG E DGGLQJ³DQGVHUYLFHKRXUV´DIWHUWKHZ RUGVSXEOLFDQGSULYDWHVRXUFHV DQG6XEG G SOXUDOL]HG³SDUWQHUVKLS´WRUHDG³SDUWQHUVKLSV´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±0D\ &RXQFLOPHPEHUV:RMFLNPRYHG1RZLFNLVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJD3HGHVWULDQ)DFLOLWLHV$JUHHPHQWZLWK)UDQN$(YDQV 5HQHH/ (YDQVIRU (DVWZRRG5RDG6(GHVFULEHGDV/RW%ORFN(DVWJDWH &RPPHUFLDO3DUN$\HV Q$PHQGPHQW5 /83$E\6HPSHU 'HYHORSPHQW/7'7KHDSSOLFDQWLVSURSRVLQJWRDPHQGWKH5RFKHVWHU8UEDQ 6HUYLFH$UHD/DQG8VH3ODQWRGHVLJQDWHDSSUR[LPDWHO\DFUHVRIODQGIRU ³FRPPHUFLDO´ODQGXVHV WKHSURSHUW\LVFXUUHQWO\GHVLJQDWHGIRU³KLJKGHQVLW\ UHVLGHQWLDO´W\SHVRIXVHV7KHSURSHUW\LVORFDWHGDORQJWKHVRXWKVLGHRI&LYLF &HQWHU'ULYHDORQJWKHZHVWVLGHRIWK$YHQXH1:DQGDORQJWKHQRUWKVLGHRI 6WUHHW1:DQG $+HDULQJRQ=RQLQJ'LVWULFW$PHQGPHQW5 =&E\6HPSHU'HYHORSPHQW /7'7KHDSSOLFDQWLVSURSRVLQJWRUH]RQHDFUHVRIODQGIURPWKH5 PHGLXP GHQVLW\UHVLGHQWLDO GLVWULFWWRWKH% JHQHUDOFRPPHUFLDO GLVWULFW7KHSURSHUW\LV ORFDWHGDORQJWKHVRXWKVLGHRI&LYLF&HQWHU'ULYHDORQJWKHZHVWVLGHRIWK $YHQXH1:DQGDORQJWKHQRUWKVLGHRI6WUHHW1: 5HJXODU0HHWLQJ1R±0D\ $OOWHVWLPRQ\IRUWDNHQGXULQJ,WHP(DSSOLHVWR,WHP(DVZHOO :LVKLQJWREHKHDUGZDV-RKQ.RKOHU6HPSHU'HYHORSPHQW0LQQHDSROLV UHSUHVHQWLQJWKHSURSRVHG:DOJUHHQSURMHFW7KHSURMHFWZLOOKDYHDQDFFHVVSRLQW ZLWKWXUQODQHRIIRI&LYLF&HQWHU'ULYHDQGDQDFFHVVSRLQWRIIò6WUHHW7KH WK H[LVWLQJDFFHVVDWWKHFRUQHURI$YHQXHDQGò6WUHHWLVUHPRYHG$UDLVHG VLGHZDONZLOOEHDORQJWKHZHVWVLGHRIWKHEXLOGLQJDGMRLQLQJò6WUHHWDQG&LYLF &HQWHU'ULYHLQUHVSRQVHWRQHLJKERUFRQFHUQV0U.RKOHUVDLGWKHELJJHVW FRQFHUQRIWKHQHLJKERUKRRGLVWKHSRVVLELOLW\RILQFUHDVHGFXWWKURXJKWUDIILFRQ WK ò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¶VYLVLRQ LVIRUDJRRGZDONDEOHGHYHORSPHQW :LVKLQJWREHKHDUGZDV0DULH)DQQLQJ 5HJXODU0HHWLQJ1R±0D\ :LVKLQJWREHKHDUGZDV'DYLG(GPRQGVRQ :LVKLQJWREHZDV3DWULFLD*XQGHUVHQ)RXUWK6WUHHW1:6KHVDLGDWWKH WK SUHVHQWWLPHWU\LQJWRH[LWLQJò6WUHHWDQGPDNHDOHIWWXUQRQWR$YHQXHLWLV WK LPSRVVLEOHEHFDXVHWKHUHLVFXUUHQWO\SDUNLQJDOORZHGLQIURQWRI 5HJXODU0HHWLQJ1R±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ò6WUHHWLVDUHVLGHQWLDODUHD7KHUH DUHVLQJOHKRPHIDPLOLHVRQRQHVLGHRIWKHURDGZLWKSOH[HVRQWKHRSSRVLWHVLGH RIò6WUHHW7KHGHYHORSPHQWRQO\KDVWZRH[LWV([LWLQJRQ&LYLF&HQWHUFDUVZLOO WK JRHDVW7RJRZHVWFDUVZLOOJRRQò6WUHHWWR$YHQXHWRFRQWLQXHZHVW 6KHVDLGWKHGHYHORSPHQWFRXOGEHSXWLQDQDUHDZKHUHDIURQWDJHURDGDOUHDG\ H[LVWV7KHGHYHORSPHQWVKRXOGQRWEHWKHSODFHZKHUHVLQJOHKRPHIDPLOLHVDUH ORFDWHG :LVKLQJWREHKHDUGZDV6WHYH%DUORZRZQHURI%DUORZ3OD]D+HHQFRXUDJHG WKWK &RXQFLOPHPEHUVWRVLWDORQJ6WUHHWDQGYLHZWKHWUDIILFWU\LQJWRWXUQRQWR $YHQXHDQGWKHFRQJHVWLRQWKDWLVDOUHDG\RFFXUULQJRQDGDLO\EDVLVSULRUWR UH]RQLQJIRU:DOJUHHQV&XVWRPHUVRI+RPH)HGHUDORQWKHRSSRVLWHEORFNFDQ¶W WK PDNHDULJKWWXUQRQWR$YHQXH7KHGHYHORSHUVVKRXOGEHUHVSRQVLEOHIRU KHOSLQJZLWKWKHGHYHORSPHQWRIWKHWUDIILFIORZIRUWKHDUHD7KHGHYHORSHUVDUH XVLQJWKHEHVWSDUWRIWKHEORFNDQGOHDYLQJWKHUHVWZLWKQRUHVROXWLRQ0U%DUORZ ZDVFRQFHUQHGZKHQò6WUHHWLVFKDQJHGIXWXUHGHYHORSPHQWVDORQJWKHEORFN ZRQ¶WKDSSHQ&RPPHUFLDORQRQHHQGRIWKHVWUHHWZLOOOHDYHWKHRWKHUSURSHUWLHV WRGHFD\3HRSOHFRPLQJIURPWKHGRZQWRZQZLOOILQGLQYHU\KDUGWRJHWLQWRWKH ULJKWLQULJKWRXWRQ&LYLF&HQWHU'ULYH7KHWUDIILFZLOOJRWKURXJKò6WUHHW +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ &RXQFLOPHPEHU+UXVNDVDLGLWZDVKLVXQGHUVWDQGLQJDOOWKUHHLWHPVLQFOXGLQJWKH JHQHUDOGHYHORSPHQWSODQZHUHRULJLQDOO\SODQQHGWRDOOFRPHIRUZDUGWRJHWKHU 7KH3ODQQLQJ&RPPLVVLRQGHFLGHGWRFRQWLQXHWKHJHQHUDOGHYHORSPHQWSODQ UHYLHZWRDOORZ:DOJUHHQ¶VWRPHHWZLWKWKHQHLJKERUV &RXQFLOPHPEHUV+UXVNDPRYHG1RZLFNLVHFRQGHGWRDSSURYH/DQG8VH3ODQ $PHQGPHQW5 /83$E\6HPSHU'HYHORSPHQW/7'EDVHGRQWKHVWDII¶V SURSRVHG)LQGLQJVRI)DFW'LVFXVVLRQ &RXQFLOPHPEHU:RMFLNDVNHGLIWKHUHZRXOGEHSUREOHPVLQGHOD\LQJDFWLRQXQWLOWKH JHQHUDOGHYHORSPHQWSODQFRPHVIRUZDUGWRDOORZWKH&LW\DQGQHLJKERUKRRGPRUH WLPHWRFRQWHPSODWHRQWKHIXWXUHRIWKHHQWLUHDUHD+HVDLGLWLVDKLJKO\YLVLEOH DUHDZLWKDIXWXUHRIKLJKSHGHVWULDQWUDIILF&RXQFLOPHPEHU:RMFLNDVNHGWKH &RXQFLOWRZDLWIRUDSSURYDOXQWLOWKHVLWHSODQFRPHVEHIRUHWKHP 5HJXODU0HHWLQJ1R±0D\ &RXQFLOPHPEHU1RZLFNLVDLGWKHDUHDLVDOUHDG\]RQHGFRPPHUFLDODQGWKH GHYHORSPHQWLVDJRRGILWIRUWKHDUHD &RXQFLOPHPEHU%LOGHUEDFNDVNHGWKDWWKH&RXQFLOZDLWXQWLOIXUWKHUWDONVKDYH RFFXUUHGEHWZHHQWKHGHYHORSHUDQGWKHQHLJKERUKRRGDQGVRPHRIWKHWUDIILF SUREOHPVKDYHEHHQDOOHYLDWHG &RXQFLOPHPEHU6Q\GHUYRLFHGKLVFRQFHUQZLWKWKHWUDIILFRQò6WUHHWWU\LQJWR WK H[LWRQWR$YHQXHDQGWKHDGGLWLRQDOWUDIILFJRLQJWRWKHZHVWRQò6WUHHW 5LFKDUG)UHHVH3XEOLF:RUNV'LUHFWRUVDLGDWUDIILFVWXG\IRUWKHDUHDVKRZVWKH GHYHORSPHQWZLOOQRWJHQHUDWHDVLJQLILFDQWDPRXQWRIDGGLWLRQDOLQFUHDVHLQWKH WK WUDIILFDVWKHVWXG\VKRZV$YHQXHLVWKHSUREOHPDQGQRWWKHGHYHORSPHQW WK 7KHQRUWKERXQG$YHQXHWUDIILFLQWKHIXWXUHZLOOFRQWLQXHWRJHWZRUVHDQG WK TXHXHEDFNWRWKHSRLQWZKHUHLWZLOOEORFNWKHH[LWIURPò6WUHHWRQWR$YHQXH IRUWKRVHFDUVGHVLULQJWRJRQRUWK &RXQFLOPHPEHU0HDQVQRWHGKHUVXSSRUWRIWKHSURMHFW6KHVDLGVKHOLNHVWKH PL[HGXVHGHYHORSPHQWEXWGLGH[SUHVVFRQFHUQVDERXWWKHWUDIILFRQò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±0D\ WKHPHPEHUVDVW KH\GRQ¶WKDYHDSURGXFWRUFXVWRPHUVDQGQRZD\WRSDVVRQRU UHFRXSWKHFRVWRIWKHDVVHVVPHQW0V5ROOLQVVDLG&DOYDU\KDVEHHQRI WUHPHQGRXVEHQHILWWRWKH&LW\RI5RFKHVWHUVHUYLQJRQWKHVDPHFRUQHUVLQFH DQGVWLOOUHPDLQVDVRQHRIWKHRQO\RULJLQDOFKXUFKHVLQWKHGRZQWRZQDUHD :KDWHYHUPRQLHVZRXOGEHXVHGWRSD\IRUWKHDVVHVVPHQWZRXOGEHDGLUHFW GHGXFWLRQRIWKHLUPLVVLRQDQGZKDWWKHLUVHUYLFHLVWRWKH&LW\0V5ROOLQVDVNHG WKH&RXQFLOIRUFRQVLGHUDWLRQLQUHGXFLQJWKHDVVHVVPHQW :LVKLQJWREHKHDUGZDV'DQ/H&KDQJH*UH\VWRQH/DQH6:+HLQGLFDWHG WKDWWKH&KXUFKZRXOGEHILOLQJDIRUPDODSSHDORQWKHDVVHVVPHQW+HVDLGLWLV GLIILFXOWWRXQGHUVWDQGKRZLPSURYLQJ6HFRQG6WUHHWZLOODGGWRWKHYDOXHRIWKH SURSHUW\ZKHQWKHSURSHUW\ZLOOQHYHUEHVROGDQGLVDOUHDG\VHUYHGE\WZRRWKHU URDGVWRWKHHDVWDQGZHVW :LVKLQJWREHKHDUGZDV)DWKHU1LFN0H]DFDSD5HFWRURI&DOYDU\(SLVFRSDO &KXUFK+HDVNHGWKH&RXQFLOWRFRQVLGHUWKHDGMXVWPHQWRIWKHDVVHVVPHQW )DWKHU1LFNVDLGWKH\DUHDERXWSUHVHQFHDWWKHLUORFDWLRQVHUYLQJDORWRISHRSOH FRPLQJIRUKHDWKFDUHFRQFHUQVDVZHOODVDQGWKHGRZQWRZQEXVLQHVVSRSXODWLRQ +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ 5LFKDUG)UHHVH3XEOLF:RUNV'LUHFWRUVWDWHGKLVGHSDUWPHQWZLOOPHHWDQG FRQVLGHUWKHFRQFHUQVRIWKH&KXUFKDQGUHSRUWEDFNWRWKH&RXQFLOLQGD\V &RXQFLOPHPEHUV0HDQVPRYHG1RZLFNLVHFRQGHGWRDGRSW5HVROXWLRQ1R OHY\LQJWKH3URSRVHG$VVHVVPHQWIRU/RFDO,PSURYHPHQW3URMHFW1R-GLQDQFHDQG/DQG'HYHORSPHQW 0DQXDOWRLQFRUSRUDWHODQJXDJHWRHVWDEOLVKDSURFHVVDQGFULWHULDZKHQDSDUW\ VHHNVZDLYHURIWKHODQGXVHILOLQJIHHV +DYLQJQRRQHZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ &RXQFLOPHPEHUV1RZLFNLPRYHG0HDQVVHFRQGHGWRDSSURYH7H[W$PHQGPHQW 5 7$LQLWLDWHGE\WKH&LW\&RXQFLOZLWKFKDQJHVDVUHFRPPHQGHGE\WKH 3ODQQLQJDQG=RQLQJ&RPPLVVLRQRQSDJHVDQGRIWKH5HTXHVWIRU&RXQFLO $FWLRQDQGLQVWUXFWHGWKH&LW\$WWRUQH\WRSUHSDUHWKHUHTXLUHG2UGLQDQFHIRU DGRSWLRQ'LVFXVVLRQ %UHQW6YHQE\3ODQQLQJ'HSDUWPHQWVDLGWKHLQWHQWLRQRIWKH3ODQQLQJ'HSDUWPHQW ZDVQRWWRZDLYHWKHHQWLUHIHHDVVRFLDWHGZLWKODQGXVHILOLQJIHHVEXWEHDEOHWR UHFRYHUFRVWVVXFKDVOHJDOSXEOLFDWLRQVWKDWKDYHDOUHDG\EHHQH[SHQGHG3KLO :KHHOHU'LUHFWRURI3ODQQLQJQRWHGWKH3ODQQLQJ'HSDUWPHQWZLOOHQWHULQWR FRQWUDFWVZLWKDSSOLFDQWVWRGRWUDIILFLPSDFWVWDWHPHQWV+HVDLGWKH\ZRXOGQRW OLNHWRZDLYHIHHVLQWKLVLQVWDQFH 5HJXODU0HHWLQJ1R±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±0D\ )&RXQFLOPHPEHUV+UXVNDPRYHG:RMFLNVHFRQGHGWRDSSURYHWKHIROORZLQJ6RXQG $PSOLILFDWLRQ3HUPLWUHTXHVWV$\HV LQJ'LVWULFW$PHQGPHQW5 =&±VRXWKVLGHRI6DOHP5RDG6:DORQJ WKHHDVWVLGHRI0D\RZRRG5RDG6:DQGZHVWRIWKH6DOHP6RXQG'HYHORSPHQW *E$Q2UGLQDQFH&UHDWLQJ$QG(QDFWLQJ6XEGLYLVLRQRI6HFWLRQ6HFWLRQV 5HJXODU0HHWLQJ1R±0D\ +&RXQFLOPHPEHUV:RMFLNPRYHG1RZLFNLVHFRQGHGWRUHPRYHIURPWKHWDEOH &RXQFLOPHPEHUV6Q\GHUPRYHG%LOGHUEDFNVHFRQGHGWRDSSURYHWKHPLQXWHVRI WKH$SULO &RXQFLOPHHWLQJDPHQGLQJWKHPLQXWHVWRUHIOHFW&RXQFLOPHPEHU :RMFLNDEVWDLQHGIURPYRWLQJRQ,WHPV(DQG+$\HV