The URL can be used to link to this page

Home My WebLink AboutCity Council - Regular Meeting - Jun 2, 2008 5HJXODU0HHWLQJ1R±-XQH 3OHGJHRI$OOHJLDQFH WK $:LVKLQJWREHKHDUGGXULQJWKH2SHQ&RPPHQW3HULRGZDV%LOO(QJHONLQJ $YHQXH1:+HQRWHGWKDWDWWKHODVW3ODQQLQJDQG=RQLQJ&RPPLVVLRQPHHWLQJ WKH&RPPLVVLRQUHMHFWHGWKHUHTXHVWHGYDULDQFHVIRUWKH:DVKLQJWRQYLOODJH SURMHFW+HDQGKLVQHLJKERUVDUHDVNLQJWKDWWKH&LW\&RXQFLODOVRREMHFWWRWKH YDULDQFHV7KHQHLJKERUKRRGLVDVNLQJWKDW-RH:HLVEXLOGKLVGHYHORSPHQWZLWKLQ WKHERXQGDULHVRIKLVRZQSURSHUW\ZLWKRXWXVLQJWKHHDVHPHQWWRWKHQRUWK :LVKLQJWREHKHDUGZDV/\OH3OXPKRII1LQWK$YHQXH1:+HDJUHHGZLWK 0U(QJHONLQJ¶VUHTXHVWWKDWWKH&RXQFLOYRWHGRZQWKHYDULDQFHVIRUWKH :DVKLQJWRQ9LOODJHSURMHFW7KHUHLVQRQHHGIRUWKHYDULDQFHWREHDSSURYHG %3UHVLGHQW'HQQLV+DQVRQFDOOHGWKHPHHWLQJWRRUGHUDWHV *DPEOLQJ±7HPSRUDU\ 5RFKHVWHU+RVW/LRQV&OXE±+ROLGD\,QQ6RXWK±-XO\ 0DVWHU,QVWDOOHU :LOOLDP.HLOHQ)DULER$F +HDULQJ,QF)DULEDXOW0LQQHVRWD 0LVFHOODQHRXV &KXUFK:RUOG6HUYLFH,QF±5RFKHVWHU$UHD&523:DONWRUDLVHPRQH\ IRUKXQJHU±2FWREHU 5HJXODU0HHWLQJ1R±-XQH $PHULFDQ&DQFHU6RFLHW\±5HOD\IRU/LIH±8QLYHUVLW\&HQWHU5RFKHVWHU± -XO\ 5RFKHVWHU&RQYHQWLRQ 9LVLWRUV%XUHDX±+RW5RG3RZHU7RXUDW5&7& &DPSXV±-XQH 2Q6DOH/LTXRU±7HPSRUDU\ 6W-RKQWKH(YDQJHOLVW&DWKROLF&KXUFK±6W-RKQ¶V%ORFN3DUW\±-XO\ 6HZHUDQG'UDLQ 0DUN/RRPLV*RSKHU6HSWLF6HUYLFH,QF5RFKHVWHU 6LGHZDON±&RQFUHWH .HYLQ7D\ORU7D\ORU6HUYLFHV5RFKHVWHU 0DUN.HQGDOO.HQGDOO&RQFUHWH0DVRQU\&KDWILHOG $SULO5HQHZDO/LFHQVHV )LUHZRUN6DOHV -DQXDU\5HQHZDO/LFHQVHV 6LGHZDON&DIp ' 5HJXODU0HHWLQJ1R±-XQH '$GRSWHG5HVROXWLRQ1RUL]LQJWKH&LW\&OHUNWRDGYHUWLVHIRUELGVIRU 3URMHFW1R0 - 5HJXODU0HHWLQJ1R±-XQH 'RFKHVWHU 3ROLFH'HSDUWPHQWHIIHFWLYH-XQH$\HV 5HJXODU0HHWLQJ1R±-XQH &RXQFLOPHPEHUV+UXVNDPRYHG1RZLFNLVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJ&KDQJH2UGHU1RIRUWKH:DWHU5HFODPDWLRQ3ODQW8SJUDGH 3URMHFWLQWKHDPRXQWRIDQGUHYLVHWKH6XEVWDQWLDO&RPSOHWLRQGDWHWR 0DUFKHVSHFLDOGLVWULFWODQJXDJHUHJDUGLQJIURQWORDGHGJDUDJHVDQGPLQLPXP OHQJWKRISRUFKHV7KHSURSHUW\LVORFDWHGQRUWKRIWK6W1(DQGZHVWRI +DGOH\9DOOH\5G1( &5 RQSURSHUW\WKDWLVQRZWKH+DZWKRUQ+LOOV*ROI /HDUQLQJ&HQWHU :LVKLQJWREHKHDUGZDV:DGH'X0RQGUHSUHVHQWLQJ+DGOH\9DOOH\3DUWQHUV0U 'X0RQGZDVDYDLODEOHIRUTXHVWLRQV +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ &RXQFLOPHPEHUV1RZLFNLPRYHG0DUFRX[VHFRQGHGWRDSSURYH$PHQGPHQWWR 56'6SHFLDO'LVWULFWNQRZQDV+DGOH\&UHHNE\+DGOH\9DOOH\3DUWQHUV RI5RFKHVWHU//&$\HV 5HJXODU0HHWLQJ1R±-XQH ($+HDULQJRQ)LQDO3ODW5¶WPHHWWKHQRUPDOVHWEDFNUHTXLUHPHQWV IRUDWRZHURIWKLVKHLJKW0U:DOWHUVDLGWKDWLQWKHLUUHTXHVWWKH\ZRXOGOLNHWREH IHHWDQGIHHWIURPWKHUHTXLUHG 5HJXODU0HHWLQJ1R±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±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±-XQH &RXQFLOPHPEHUV6Q\GHUPRYHG1RZLFNLVHFRQGHGWRDSSURYH7H[W$PHQGPHQW 57$LQLWLDWHGE\WKH&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQDQGLQVWUXFWHG WKH&LW\$WWRUQH\WRSUHSDUHWKHUHTXLUHG2UGLQDQFHIRUDGRSWLRQ$\HV JUDSK(RI3DUDJUDSKRI&ODXVH$RI 6XEGLYLVLRQRI6HFWLRQ7RIWKH5RFKHVWHU&RGHRI2UGLQDQFHV5HODWLQJWR *DUDJHVDQG3RUFKHVLQWKH+DGOH\&UHHN6SHFLDO'LVWULFWZDVJLYHQDILUVW UHDGLQJ $PHQGWR56'6SHFLDO'LVWULFW *D$Q2UGLQDQFH$PHQGLQJDQG5HHQDFWLQJ6HFWLRQV 5HJXODU0HHWLQJ1R±-XQH *E$Q2UGLQDQFH$PHQGLQJDQG5HHQDFWLQJ6XEGLYLVLRQRI6HFWLRQRIWKH 5RFKHVWHU&RGHRI2UGLQDQFHV5HODWLQJWRWKH'HILQLWLRQRI0RWRU9HKLFOHIRU ([FLVH7D[3XUSRVHVZDVJLYHQDVHFRQGUHDGLQJ&RXQFLOPHPEHUV6Q\GHU PRYHG1RZLFNLVHFRQGHGWRDGRSWWKH2UGLQDQFHDVUHDG$\HV &OHUN