CCP 10-14-1997 - Laserfiche WebLink

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.. ~~~ ARDEN ILLS SPECIAL EDA MEET 7 ~ 3 . 5. Determination ofthc costs to the revised plans and specifications for 14th Strect improvements and agreement by both parties as to who is paying for these costs; 6. Thc developer providing the accurate legal dcscriptions nccessary to complete the Development Agrcement schedules. President Probst inquired rcgarding the realignmcnt of Round Lake Road, asking ifthe City would recovcr the costs of this projcct through TIF before the funds would be considered excess. Mr. Fritsinger stated that was correct. President Probst notcd thc County is slated to begin work on Highway 96 in May of 1998, and inquircd if the City would be in default if this work was not undertaken at that timc. Mr. Fritsinger stated languagc was addcd to ensure thc City would not be in default if this work was not completed by the County. President Probst inquired ifthc excess would go towards paying down any special assessments aftcr the public improvemcnts have been completcd. Mr. Fritsinger stated that would be the case if the developer had to pay special assessments. Prcsident Probst stated the City could bc limited in the amount that could be collected if ATS was not included in this project. Mr. Fritsinger agreed, stating he wished to have the EDA discuss this issue. - Presidcnt Probst inquircd if thc City would bc able to use a percentage of the cxccss for its own use. Mr. Kcvin Ringwald, Executive Director, stated if the funds wcrc bcing used for public benefit, then that usc of funds would be appropriate. Mr. Zehring noted that the entire Gateway Business District is benefitting from this project, as widening and upgrading ofthe public streets bencfits other propcrties in the area. He further stated he had no objections to thc City using a portion ofthcse funds for its own use. Prcsident Probst inquired if the developer was willing to give the City sole authority for the full amount ofthc excess, or what portion the developer considercd rcasonable. Mr. Zehring replied 50% secmed to be a reasonable figure. Commissioner Aplikowski suggested stating thc figurc at 50% of the excess, with the condition of revisiting this amount in the future to cvaluate if that pcrccntage can be increased. Mr. Zehring agrecd, stating the amount could be revisitcd aftcr all thc buildings were constructed. Mr. Fritsinger rcquested clarification that the figure would be 50% with rcvisiting taking place after final phase construction. Commissioner Malone inquircd if the wctland mitigation issucs needed to be resolved. Attorney Filla statcd the term "public improvements" needed to bc rcdefined. Mr. Ringwald . agreed that the dcfinition needed to be modified.