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MINUTES <br />CITY COUNCIL <br />September 18, 1989 <br />Fahey pointed out that the culvert at the end of Iona would <br />be connected into the storm sewer. <br />Scalze pointed out that there is an easement for the Iona <br />Lane culvert, but there is no easement for the ditch <br />alongside the Pierce property. <br />Fahey stated that Iona Lane would benefit from the storm <br />sewer that would run north of their culvert. Boosalis and <br />the seven properties along County Road C would benefit for <br />the storm sewer improvement south of the Iona Lane culvert. <br />Voto pointed out that Boosalis is saying that there are <br />certain costs within the project that do not apply to his <br />project, and suggestinq a different way to assess these <br />costs. Wilson has submitted a new scenario on the Tax <br />Increment Financing, and has added up the revenue stream. <br />Wilson is also using a range for projects costs between <br />$320,000 and $370,000. The project has the ability to <br />support a$440,000 bond issue, but a$370,000 bond issue is <br />adequate and the numbers will work with that size bond <br />issue. <br />Boosalis again stated that to make the project work, he must <br />reduce his costs. One way is to reduce his assessment costs <br />for the storm sewer improvement to the north. Boosalis also <br />asked for a commitment from the City to rezone the back lots <br />of the County Road C properties to residential. <br />Fahey pointed out that a public hearing has been scheduled <br />for October 25th on that rezoning issue. <br />Boosalis then asked the Council if they would be agreeable <br />to his re-engineering the pond and moving the residential <br />road further to the west so that he would not have to <br />purchase the house on County Road C where road access is <br />proposed at this time. Boosalis pointed out that he would <br />realize a saving of $85,000 in doing so. This will also <br />create another lot that can be assessed for the road <br />improvement. <br />Collova asked if Boosalis had soil borings which indicate <br />that the property to the west will support a road. <br />Boosalis replied that he does. <br />Boosalis pointed out that by saving the $85,000 in <br />acquisition costs, that leaves him with a$100,000 shortfall <br />to make up. Boosalis asked if there were surplus increment <br />Page 6 <br />