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..~.:~.~ :rzINUTES R?~,GULAR CTTX ';Oi.iNCIL '~,4'~;ETI^1G AUGUST 25, 1982 R~s. Rower explained that uesrrlett-''ackard is planning a 2, 000, 000 expan- sion project which may be started in June of 1983 vrhich would double the sire of their building. y~ith the increase in size of the building, there will be more run-off water and there will also be need for more narking space. By alleviati.rg the need for the present large ponding area (if the storrri sevrer is installed) it would free up space for additional park- ing and ~rrould handle thc; runoff water. Councilmornber Ciernia inquired as to whether or not any ponding vrould be necessary on the Hewlett-''ackard property vrith-the r?ropased storm sewer and Engineer Schunicht replied that the storm se?^rer would alleviate the need for the pond. ".?ayor "arkentien asked if the~~roject is feasible at this time and :'ifs. Schunicht informed that the contractor i^<<ith the lo~v bid is lti~illing to honor that bid, the University is willing to cooperate in the project, and ir_ another year construction costs would increase appreciably. '~~r. Schunicht recommended ±,hat Council proceed at this time. DAVE{: ROES~:R, ?ACF;ARD PI,A",?S ~ OR ?2, 000, 000 ADP,TT70?'~ III 1983 Councilmember Ciernia inquired as to what assurance Hewlett-Packard could give that the development vrill take p)_ace._:fs. Rower replied that the tentative date for beginning construction is Jane, 1.983 or at the latest in the early fall o~' 1.983 with a completion date of i~;ovember 1, 1983. He explained that the firm has outgrown the present space. ?~~layor '!';arkentien then requested that Financal Consultant Chenovreth address the financing for the project. Consultant Chenoweth presented estimated costs for the Gortner~La.rpenteur~Prior project and the Albert Pascal street improvements vrhich carne to a total band issue of ~97~,000. Fie then presented and explain~-~d the maturity schedule for the bond issue and the time table for calling the bond sale. He explained that vrith the ?2,000,000 construction project, i-t is now possible to use Tax Incre- ment Financing and that based on the ~~2,000,000 project, the increment the City could collect would be eight yearl;;r increments of <"60,000 each. If the ,~ermes~i?a~~tikins i.s eventually developed, there would be additional incre- ments which wo~zld reduce or eliminatb any remaining citywide tax levy. He also explained that +.,'_ne development district covers the entire area, however, the financing disc Pict can be for t~arcels, ~'or example Hevrlett- Packard could be .Financing District ;{~l and other possible dev~,lopments could be established as Financing District {~2, etc. Attorney Swarisor~ advised Council that with the ordering of the project Cauncil should go on record that they plan to use tax increments as wcil as assessments for financin~7 the project and t~rat t hey intend to establish a development and finance plan. Co~,_nclmember Ciernia moved, seconded by Councilmember Chrstovich, to remove the matter from the table for re-corsideration. T.Iotion carried unanimously. Council thoroughly discussed the :proposed project Arid the Tact that it is more .feasible tc proceed no~ra that tax increment financir.,s can be used. Co~1_ncilmember Larson moved, seconded by °;I~r 'Idarkentien, + F? ~ thaw Psoluti.or. 82-3o be adopted order~_ngtne v~esterr. s eg?rient of the Go~rtner,~a.rpenteurfPrior storm sevrer project. t'%otion r.arried unanimously. THY ,-TT~.Er.~r,T I' T<<iAT'CI1''G CI±EivO~°: STN