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Councilmember Anderson pointed out that WXZ is taking a risk in acquiring the property before <br /> the plans are approved and before Council agrees to the proposed $100,000 grant. <br /> Councilmember Anderson questioned why the Schmitt family did not attempt to clean up the <br /> site. <br /> Mayor Summers explained that regulators have no interest in such issues until a property <br /> changes owner or use. He pointed out that banks will not loan money for any development on <br /> contaminated land due to the risk involved. <br /> Councilmember Anderson stated that this is the best possible outcome for the property and that <br /> he is happy to consider providing the grant. <br /> Director Sylvester clarified the nature of the City's contribution which is a one-time <br /> reimbursement tied to environmental remediation. No long-term tax abatement or TIFF is being <br /> proposed. He explained that it is less expensive for the City to provide the cash upfront and to <br /> keep tax revenue streams open. <br /> Councilmember O'Malley thanked the developers for the improved site plan and expressed <br /> agreement that first floor living is a much-needed housing product in Lakewood. <br /> The Committee discussed with Director Sylvester how other neighboring communities are <br /> investing in similar projects with tax abatement and TIFFS. It was noted that these incentives will <br /> require buy-in from the school system to be effective. The school system collects 67% of the <br /> property tax and the City's portion is only 16%. <br /> WXZ expressed excitement about the project and working with the City. <br /> President O'Leary thanked the developers and expressed enthusiasm for the release of the full <br /> amended site plan and discussion of it at the July 2nd Planning Commission meeting. <br /> Committee of the Whole adjourned at 6:51 p.m. <br /> 3 <br />