05-15-2013 Council Minutes-Special Meeting II

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MINUTES CITY COUNCIL MAY 15, 2013 budget is about $55,000 over what was estimated. The Administrator reported that the project still works from a Tax Increment Financing (TIF) perspective, but noted that based on original projections the pay -back changes from 10 years to 15 years. The Administrator reported that he will review the original projections with Masterpiece Homes to determine if some adjustments can be made. The Administrator noted that increasing the home value estimates will shorten the projected pay -back period. The Administrator indicated that he has not finalized the Pinetree Pond Development Agreement draft at this point as there are a number of issues that he needs to review with the developer, estimated home values and build -out timing being two examples. The Administrator also informed the Council that Masterpiece Homes may be interested in purchasing 3046 L,aBore Road and including it as part of the Pinetree Pond project. The developer has indicated that this lot would accommodate a walk - out house, and there may be that interest expressed by buyers as the Pinetree Pond project is marketed. The Administrator pointed out, however, that this property is not a part of the TIF District. The Administrator noted that the developer will be purchasing the Pinetree Pond lots at $100,000 each and he would propose the same purchase price for 3046 LaBore Road. He noted, however, that there would be ways to structure this purchase given the City's desire for trail across a portion of this property. In discussing 3046 LaBore Road, it was the consensus of the Council that the property be put on the open market. The Council and the City Administrator also discussed the fact that the existing structures on this property would have to be demolished, and that if the property is on put up for sale, it may be preferable for the City to do the abatement and demolition necessary prior to sale. The City Administrator indicated that he may have a draft of the Pinetree Pond Development Agreement ready for review at the June 12th Council meeting. The Administrator discussed some of the financial aspects of the Pinetree Pond project relative to TIF, and indicated that he would provide the Council with a detailed outline of the financials at the time the Development Agreement is presented for adoption. McGraw asked about projected landscaping costs. The City Administrator indicated that there may be some adjustments that can be made to bring down these costs. The City Engineer reported that some of the increased costs relate to additional landscaping for the Pinetree Pond neighbors. The Administrator reported that Gail Acosta has indicated that she may prefer some fencing and shrubs to evergreen landscaping. The Administrator 2