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z~z,~um~;s <br />City Council <br />August 23, 19~9 <br />Schultz stated thlt it was his feeling that the City is <br />finlncing a~roject, ~icking up a portion of the cost and <br />gambling that the lots F•ai17. be develo~ecl. <br />Scalze pointed out that the reason is that the developrnent <br />proposal includes a difficult piece o£ proper~y. Scalze <br />:poi.nted ou~ ~ha~ the property o~aners in the area want this <br />property to develop as rc~sidential ancl so does the Citye <br />The ~levelopment proposal presented by P-9r. E3oosalis <br />accomp7.ishes a~hat the pro~aerty owners and ~he City want to <br />clo . <br />Fahey pointed out that the proposal will bring 17 ne~a l~omes <br />into the City. If the proposal cannot ~~~ork, the develo,~er <br />taould like to go with an alternata.ve p].an that does not <br />include the residential developmerit. ~.Chis would result in <br />the Steneroclen ~~roperty not be9.ng deve7.oped, and the City <br />would end up with a mess. <br />Schultz pointeci out that there are some senior citizens ~~Yzo <br />will request deLerrments ancl he ~oas concerned that the <br />i.nterest will accrue on these deferrments, ~ahile the C9.ty <br />v~ill bc picking up interest costs for the cleveloper. <br />Schultz stated that eventually the amount of interest thlt <br />has accrued, plus the assessment, will outweigh the value of <br />the land. <br />Pierce ~ointed out t,hat three oE the County Road C lots are <br />zoned commercia7., and he F~as concerned that the City e~il1 <br />force residential zoning on these ~roperties. <br />Sca].ze pointecl out that this is the only ~~~ay the nroject <br />wi.ll saor.ko Scalze pointed out thzt the Ca.ty has v~orlted for <br />this residential development in deference to the Ion~ Lane <br />residents. <br />Pierce pointed out the possibi)_ity of combining the ~hree <br />comrnercial lots and a cornmerciaJ. deveJ.opment occurring on <br />~hat property, <br />3?ahey pointed out that if the F;oosala.s ~roject is appzoved, <br />the commercial property ~•~ill be rezoned to residential, <br />The City Planner reported that the rezoning has not talcen <br />place at this time, ho~aever, ~he Council has inc~icated that <br />they are i.n Lavor of tkai.s rezoning. <br />Blesener. poi.nted out tkxat the City can either rezone these <br />three comrnerc9.a7. lots to residential, or rezone ~he enti.re <br />area to commercial. 'Phe City Council's choice is to rezone <br />to residential. <br />Pierce asked ~~hen ~he Council discussed the issue of <br />rez~ni_ng. <br />Page 11 <br />