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Regular City Council Meeting Monday, August 17, 2009 Page 7 ber of stories based on units in Phase I, and why such an option would not be fi- nancially viable. Mr. Hall advised that a total of 95 units was required to make the project finan- cially viable; and noted that another floor added at a later time was not feasible, based on construction logistics and costs, in addition to being extremely disrup- tive to occupied units. Mr. Hall expressed confidence of the developer that there will be a total of 95 units sold; however, noted that the current market was diffi- cult for seniors and/or sellers. Mr. Hall advised that sufficient interest remained in their information sessions, with a number of potential buyers remaining on the list, but waiting out the economic news or a pick up in home sales. Mr. Hall ad- vised that a number of reservation holders had been on that list for two years as of October of 2009, and the developer was concerned that if construction didn't be- gin soon, their delay may cause them to lose those buyers to competitors. Councilmember Johnson requested specific information on potential purchasers. Mr. Hall advised that they had seventy-five reservation holders providing a $500 deposit to hold their reservation, which was fully refundable; and a subscription or purchase agreement from 30 people willing to pay their 15% down payment. Mr. Hall advised that, once approved by the City Council, the developer antici- pated breaking ground by November 1, 2009 and having a shorter construction period due to the building being smaller than original. Mr. Hall addressed negotiations and compromises between the City and devel- oper on construction of the roundabout; with final agreement that the roundabout be constructed on City-owned land, with the developer paying 100% of its con- struction. Mr. Ha11 advised that the connection to the park was pending, at the City level, based on several unknowns, including finalizing how to tie the round- about into the parking lot, and length of the road leading through the industrial area. Parks and Recreation Director Lonnie Brokke, present in the audience, confirmed Mr. Hall's analysis. Councilmember Roe confirmed with City Attorney Scott Anderson, that the lines on the preliminary plat could not move more than 50' within the line, which was sufficient for preliminary plat consideration and approval. Roe moved, Johnson seconded, approval of the proposed PRELIMINARY PLAT of 3008-3010 Cleveland Avenue for United Properties; based on the information and comments of Sections 4-7, and the conditions of Section 8 of the Request for Council Action dated August 17, 2009.