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Mayor Fahey and Members of the City Council <br />June 6, 1990 <br />Page 2 <br />Representatives of Sherman - Boosalis Real Estate have <br />informed me that they will provide us with a letter <br />addressing the above concerns. Once we have received the <br />letter and based on review by the City Attorney, it would <br />be my recommendation that the City authorize the issuance <br />of additional building permits subject to the previously <br />mentioned issues and with the understanding that the <br />certificates of occupancy would be held until all <br />improvements were installed pursuant to City Ordinances. <br />The advantages in doing so accrues to all parties <br />involved. Home owners know that houses can be built and <br />occupied yet this year. The developer is able to sell lots <br />and housing units thus reducing interest costs associated <br />with the development. The City realizes the collection of <br />taxes earlier which will affect the cash flow of the tax <br />increment district. <br />If the Council is in agreement with my recommendation, a <br />resolution would have to be passed authorizing the issuance <br />of additional building permits subject to the necessary <br />conditions. <br />JRH:kpv <br />Enclosure <br />Page 32 <br />