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MINUTES <br />CITY COUNCIL <br />MARCH 29, 2012 <br />TIF 6 -1 — <br />CITY <br />PARTICIPATION <br />IN ACQUISITION <br />OF 2959 LABORE <br />ROAD <br />Planner indicated that the property remains the Ankrum's property, <br />however, until someone purchases it from them. The Planner felt it was to <br />the Ankrum's advantage to know their rights. <br />Montour introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2012 -3 -56 — ACCEPTING THE PETITION FOR <br />THE IMPROVEMENT OF ROAD ACCESS TO 735, 739, 743, AND <br />751 COUNTY ROAD B -2, AND ORDERING THE CITY ENGINEER <br />TO PREPAREA FEASIBILITY REPORT <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />Mrs. Ankrum expressed concern about the noise from garbage trucks on <br />this driveway turn - around as well as parking on the turn - around. The <br />Council advised Mrs. Ankrum to discuss this issue with the City <br />Administrator. <br />The City Clerk reviewed the City Administrator's March 23, 2012 report <br />relative to an Amendment to the Development Agreement with <br />Masterpiece Homes in which the City participated in the acquisition of <br />2966 Arcade Street for redevelopment purposes. The Clerk reported that <br />Masterpiece Homes has negotiated a purchase agreement with the <br />property owner at 2959 LaBore Road, and has asked that the City <br />participate on the same basis, that is 50% of the purchase price plus 50% <br />of property taxes in the form of a mortgage. The Clerk noted that there is <br />limited access to 2966 Arcade Street, and the addition of 2959 LaBore <br />Road at this time, and potentially 2945 LaBore Road at some point in the <br />future, would provide buffering to adjacent properties as well as allow a <br />new road to be lined up with Cherry Hill Lane in the Gervais Woods <br />development. The Clerk noted that the ability to acquire 2945 LaBore <br />Road is an uncertainty at this time. <br />The Clerk noted the City Administrator prepared a Tax Increment <br />Financing spreadsheet which shows how the program would work. The <br />City should be able to recover its costs within 10 years of the project <br />moving forward versus the TIF District's life of 25 years. <br />The Clerk indicated that City staff is recommending the Council authorize <br />the Amendment of the Development Agreement with Masterpiece Homes <br />to allow the inclusion of 2945 and 2959 LaBore Road as "allowable <br />costs ", again realizing that a purchase agreement for 2945 LaBore Road <br />I1 <br />