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P•iT.~iUTFS <br />Speca.al T~leeting <br />JUIy 18 a .1.9£39 <br />198~ ~uclit Under the Developers ~eposit Fundp i4rs, Scalze asiced lzo~v the <br />P.eport City would im~lement making those charges so that ~ae do not <br />(c,ont,) IceEp running in the ho1.e on the ~J.anninc~ feesm P-1r. Voto <br />indicatec~ thlt tl~ere were a 7.ot oi thinc~s in that Pund Lhat <br />need to be reva eF~ed and/or i~k~e City has to sperxcl rnore tirne <br />ancl efforL getting the bi'1'lings out Lo the c~evelopers 1nd <br />possibly increasing Lees, I~Zrs, Scalze Lelt thaf: somet'tainy <br />shoul.d he done on this a.ssue siric~ it is not fair ~hat the <br />general tax plyers }~ick u,u these costs, i4rs. E'reeman felt <br />that a lot of-. ~kae exnenses coulcl yo b<~ck to the c~evelopers <br />tk~ernselves. ~Tr. Fakaey asked ii the City 4eou.ld have the <br />au~hori.Ly to i.evy the CI11YCJ@S against tkie pro~erty ~s <an <br />assessment if they zre not naicl, Pirs, Scalze statecl ~hat <br />tkze cieve_loper.> they are re£errinry to m~y be devc7.opers tka~t <br />have sL-arted the planning ~rocess, but then never <br />cleveloped. I~Irs, Freeman ~eJ.t th~t tkze develo~>ers shoua.cl be <br />rec;uired to a~~ply and pay the fees beiore~ tYaey ask the <br />Fngineer znd/or Planner co stZrt F~ork on tlae projects. <br />T.9rm Pahey tts{ced A2rs> ~'xeeman i.o get a li.stanc~ of a11 f.he <br />deline~uent developer c~e~~osit accounts, the amount each o~-acs, <br />and ho~~ many deve]opers ~re still it1 ttae area, t1rs. Freem~n <br />sta'ced that the Planner shoulcl be COriCdC~@Ca rec~~-~rcaing the <br />delinquent accounts so that he does not do any mor.e ~~orlc on <br />the iterns until they are p~id, mhe Planner should 'c11S0 ma{ce <br />nes~~ develo~.~ers lpply at City flzll before cloing any worl; ior <br />them, <br />A1r. Voto reported that the Investment I'und is c3oing better< <br />Sn 7.9~8, the earnings were greater than the ].osses, <br />T~Irs. Sc~lze asked 9L the C.i'cy should havc~ a linance <br />committee to look into certain thingse I(ire Voto incli.cztecl <br />that other cities do not have f:inance comrnitteez>. <br />41rs, Preernan stated lhar she has clone mos~ o~ tk~e <br />investments in the past, ~Irs, Freesnara indicatec~ tksat t.li~ <br />she has found that ~•~hen tize Ci.t~r izzvests witki o~l~er bani<s, <br />by the tame the City receives i:he ~rinci.p_l~ ancl anteresc <br />tkaree to four dals have elapse<] causing the City to lose <br />that interes~ beiore it can ae reinvestecl, ~ChereLore, ~:he <br />Ci'ty kaas been usi.nc~ F9.rsi~ S~ate ~a~ak for investrnents, and <br />rnost oi che time ~hey wil.l. give the City a liic~her interest <br />rate th~n other banlcs so ~hat G~e oaa 7.7. invest v~itl~ th~m. <br />,T'aqe 5 <br />