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MINUTES <br />CITY COUNCIL <br />September 18, 1989 <br />Wilson reported that the project works, however, the <br />developer will have to address whether it is acceptable to <br />him. Wilson reported that the developer has indicated that <br />his shortfall is substantial. <br />Nick Boosalis reported that based on the changes he just <br />received, there is the potential to make the project work. <br />Boosalis also pointed out that if the project gets built <br />before the end of the year, increment will be generated in <br />1991 rather than 1992. <br />Wilson pointed out that in reviewing <br />Boosalis this afternoon, there appea <br />shortfall. Wilson suggested that if <br />dollars at the end, after the City's <br />off, the developer~s shortfall could <br />surplus. <br />the numbers with <br />rs to be a $198,000 <br />there are any surplus <br />obligations are paid <br />be defrayed from that <br />Scalze asked where the shortfall is occurring. <br />Fahey pointed out that there are different ways to allocate <br />dollars, using land costs as an example. <br />Boosalis reported that he has land costs of $335,000, and of <br />that amount he has allocated $97,000 to the residential <br />portion. Boosalis also reported that he has one house on <br />County Road C that must be acquired for the road access, and <br />the cost of that acquisition is $85,000. <br />Boosalis pointed out that now the proposal is to collect the <br />increment at the end of the project rather than at the <br />onset. Boosalis reported that he has a shortfall of <br />$180,000 in land costs that he needs to recoup. <br />Fahey pointed out that a profit of $12,000 per lot would <br />amount to $132,000 for Boosalis. <br />Boosalis replied that this was not accurate since he will <br />have rough grading costs, as well as preliminary <br />engineering, architectural and marketing costs. <br />Boosalis then reviewed the August 14th letter from Schoell & <br />Madson, Inc. which he submitted to the Council. <br />Boosalis suggested that in order to make the project work, <br />one of the issues that needs to be addressed is assessing <br />everyone for storm sewer improvement who benefit. Boosalis <br />pointed out that he will be directing the run-off from his <br />site into an on-site pond. This will cause the flow of <br />Page 3 <br />