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authority, BUSTR. The City's goal is to have the site fully remediated. It is estimated that the Lake House Homes will generate $70,000 annually in taxes. Therefore, the return on investment to the community is expected to be 1.5 years. In response to a question by President O'Leary, the developers explained that this site is different from a brownfields site because it is not abandoned and that accordingly BUSTR is the regulating authority. In response to a question by Councilmember George, the developers remarked further regarding how they arrived at the $350,000 estimate. The estimate includes the cost of all the investigations up to this point plus the cost to remove close, and empty tanks, remove concrete, remove contaminated soil and replace it with clean soil and to get the site up to grade. The Committee discussed the presence of underground tanks at the site. There were three sets of historic tanks at the site. A fourth was added in the 1970s and a clean set was added in 1994 which are known to still exist there. It is possible but unlikely that historic tanks are still present on the site because there is not sufficient documentation to prove they were ever removed. It was clarified that the developer will bear the risk and expense of potentially having to clean up additional tanks and that the City's $100,000 will only be provided after remediation is complete. Mayor Summers provided his recollections of business practices at Marathon and other gas stations throughout the 1960s and 1970s before the public became more environmentally aware. He mentioned oil-soaked soil and washing chemicals into the storm sewer. Director Sylvester announced that by the City providing $100,000 toward the environmental clean-up, WXZ will likely be able to change its site plan from 5 to 4 homes and increase front and rear setbacks. Mayor Summers endorsed the use of public funds for this project, stating that if environmental problems such as this can not be addressed by the private sector that the City is ultimately the responsible party. Leveraging $100,000 prevents the City from having to potentially pay much more. He cited the example of the Hilliard Theater where the private owner failed to act and the City eventually had to spend $900,000 to demolish it because it was a hazard. President O'Leary expressed agreement with this approach. The Committee discussed with the developer more details about the proposed changes to the site plan including the size of the setbacks. The reduction in homes from 5 to 4 will allow each home to increase in size. Councilmember George stated that she is happy with the proposed changes and thinks this is a creative solution to address resident concerns. In response to a Councilmember's question, the developers explained that the property currently remains in the name of Peter Schmitt. WXZ is scheduled to close on the property this Thursday. 2