03/13/2006 Council Minutes (2) - Laserfiche WebLink

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COUNCIL MINUTES MARCH 13, 2006 APPROVED 49 With their Fundraising Dinner on April 22, 2006 at •50 St. Joseph Catholic Church, 171 Elm Street Approved 51 52 Marshan Meadows: 53 54 Resolution No. 06-46, Approving Development 55 Contract Approved 56 57 Resolution No. 06-30, Approving Final Plan and 58 Accepting Conservation Easement Approved 59 60 Resolution No. 06-48, Approving Development 61 Contract (Site Grading Only), Pine Glen Approved 62 63 Resolution No. 06-43, Approving Payment Request 64 No. 8 (Final) and Compensating Change Order No. 2, 65 Birch Street and Hodgson Road Improvements Approved 66 67 Approval of February 13, 2006, City Council 68 Meeting Minutes Approved, as corrected 69 at 3/13/06 work session 70 71 FINANCE DEPARTMENT REPORT, AL ROLEK • 72 73 Continuation of Public Hearing Regarding Tax Abatement in Connection with the YMCA 74 Project, Mary Alice Divine — Economic Development Coordinator Divine advised a public hearing 75 was opened on February 27, 2006 regarding consideration by the City Council to provide additional 76 tax abatement to the YMCA for the inclusion of a zero -depth leisure pool in the first phase of 77 construction. The hearing was continued to complete negotiations regarding the City's and the 78 YMCA's financial commitments and the YMCA's Residential Use Covenants. She reviewed the 79 amended agreement that supersedes the original development agreement and business subsidy 80 agreement with the YMCA that were approved on June 16, 2005. 81 82 Economic Development Coordinator Divine noted the source of revenue that will be allocated for the 83 City's additional $850,000 commitment would be tax abatement from the Tax Abatement District in 84 Legacy at Woods Edge. Based on developer assumptions of anticipated values and phasing of the 85 part of Woods Edge that is within the Tax Abatement District, a 15 -year abatement will generate in 86 the range of $2,406,845. The capacity is available to meet an obligation of $2,350,000. 87 88 Mr. John McCullen, Board of Directors YMCA, came forward and stated representatives from the 89 YMCA are present this evening to answer any questions. He noted the YMCA is very excited about 90 the project. 91 92 There was no one else present to speak during the public hearing. i93 94 Councilmember Reinert moved to close the public hearing at 6:47 p.m. Councilmember Stoltz 95 seconded the motion. Motion carried unanimously. 96 2