Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />APRIL 10, 1996 <br />it added significantly to safety for both residents and <br />fire fiqhters. Fahey felt the use of the origination <br />fee to assist in sprinkling one of the buildings was a <br />creative way to upgrade public safety at no oost to <br />taxpayers. Fahey pointed out this is a fee the City <br />did not previously collect, and he felt it was <br />reasonable to put it back into the building. Although <br />there is only money to sprinkle one of the buildings, <br />Fahey felt sprinkling one was better than none. <br />Pedersen pointed out that the City collected a fee from <br />the financing for the Market Place Shopping Center, and <br />at that time no one suggested giving the money back to <br />the developer. Pedersen asked why in this case would <br />the City give the money back. <br />Morelan pointed out that the City was financially <br />involved in the Market Place project, therefore, earned <br />the fee it collected. In the case of The Provinces, <br />the City was not financially involved, therefore, did <br />not earn the fee. Morelan suggested the loan <br />origination fee is money which belongs to the residents <br />of The Provinces. Therefore, should be put back into <br />the buildings in the form of improvements. <br />Pedersen pointed out that as a result of the City's <br />approving tax-exempt status for financing on The <br />Provinces, the owners got a better interest rate. <br />LaValle indicated the property owners would not have <br />done as extensive a rehabilitation project if it were <br />not for the City's involvement. <br />Pedersen pointed out that the Council felt a look at <br />the sprinkler issue was warranted given the renovations <br />to be made at The Provinces. The Council has now <br />looked at the sprinkler issue, and the cost of <br />sprinkling both buildings is higher than anticipated. <br />Pedersen pointed out that the renovations at The <br />Provinces include new carpeting, etc., and felt the <br />sprinkling issue has now gone beyond the original <br />intent. <br />Morelan felt that if the City collects a 1% loan <br />origination fee, it should use that money in the <br />project and give it back to the people who are paying <br />the bill. Morelan felt the money should be used for <br />life safety improvements, rather than enhancements <br />which are pleasing to the eye. <br />Scalze pointed out that there will only be enough money <br />9 <br />