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MINUTES <br />City Council <br />June 1, 1988 <br />Fahey again stated that he wanted to include the single-family homes in <br />the TIF and pointed out that this r~evenue can be used in other• distr~icts <br />as well. <br />The Planner• stated that the City will captur•e the incr•ement fr•om the <br />single-family homes if they ar~e built. However•, if the City assumes the <br />homes ar~e going to be built and the bond is sold on that basis and they <br />ar•e.not built, ther•e could be a shor•tfall in the bond issue. <br />Scalze pointed out information that was passed on to the Economic <br />Development Committee fr•om the Planner~'s office indicating that there <br />ar•e some restr~ictions on the use which the str•ip center could be put <br />to under• TIF. <br />Plick Boosalis, the developer• of the pr•oject Rice At C II, stated that <br />he would have to be awar•e of these restr•ictions. <br />Boosalis also pointed out that ther~e ar•e other• expenses not figur•ed into <br />the Planner•'s calculations such as car•rying costs, marketing costs, soil <br />corrections. <br />Fahey also pointed out that the Planner• has conser~vatively figur•ed the <br />sale pr~ice of the lots at $20,000. <br />Fahey asked the effect on the pr•oject if 20 feet wer•e cut fr•om the building. <br />The Planner~ again stated that he did not figure this scenar•io since the <br />pr•oject as pr•oposed r•uns into deficits accor•ding to his calculations. <br />Boosalis pointed out that ther•e would be added deficits with the costs <br />that have not been included in the calculations. Reduction in the size <br />of the building would be an added deficit. Boosalis also pointed out <br />that ther•e will be costs for•r•Amoval of buildings and clear•ing land <br />that have not been included. <br />Blesener pointed out that a 20 foot increase in the norther•n sethack <br />would leave Boosalis with 91% of his building squar•e footage, while a <br />10 foot incr~ease in the nor•thern setback would leave 95 1/2% of the <br />square footage of the building as being proposed. <br />Fahey suggested that the building could be made wider~ fr•om east to west <br />to make up for the r~eduction in length fr~om nor~th to south. <br />Boosalis expl~ined that the 60 foot depth of the building as being pr~oposed <br />is an ideal depth in ter~ms of r•enting space for~ gener~al pur•poses. <br />Tim Townsley, Iona Lane r~esident, agr•eed that if the length of the building <br />wer•e r•educed and the width widened ther•e would be little impact on the <br />individual suites that would be r•ented in the str•ip center•. <br />P•9r~s. Gr~egor•y, Iona Lane r•esident, asked about the zoning of the pr~oper•ty <br />fr~onting on County Road C. <br />Page -2- <br />