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agreement which states that any profit the developer makes over 25%will be split 50150 with the <br /> city. <br /> In response to a question, Director Leininger explained what would happen if the agreement does <br /> not work out. He explained that the agreement stipulates that the project must be completed <br /> within one year. If the developer fails to honor the terms of the agreement, the property reverts to <br /> the city. <br /> In response to a question, Director Leininger explained that preservation expectations will be <br /> further defined in the final deed restriction documents. <br /> Councilmember Kepple asked for assurances that all workers working on the project will be paid <br /> market rate wages. Mr. Miketo provided this assurance but acknowledged that he currently does <br /> not work with any women or minority owned businesses, though he is open to that in the future. <br /> In response to questions, Mr. Miketo detailed the costs that he expected to incur including all <br /> new electric, HVAC, driveway, roof, painting, adding a master bath and others which would <br /> come to about$250,000 - $300,000. He anticipates selling the home for $350,000 - $375,000. He <br /> expressed interest in preserving the home over earning a major profit. <br /> The committee acknowledged that it was unlikely the city would earn much profit from the <br /> home. <br /> Director Leininger reminded the committee that these homes were never intended to be <br /> investments for the city and the focus now is preserving the character of the street. <br /> The committee and the administration discussed the pros and cons of the other potential options <br /> for the home. If the city auctioned the home, it would likely be demolished and rebuilt, perhaps <br /> in a style unbecoming of the neighborhood. If the home were sold as-is, it would not yield much. <br /> Councilmember Shachner made a motion, seconded by Councilmember Kepple to substitute <br /> Ordinance 30-2021 by attaching the purchase agreement. All members voted in favor. Ordinance <br /> 30-2021 substituted. <br /> Councilmember Shachner made a motion, seconded by Councilmember Kepple to recommend <br /> adoption of Ordinance 30-2021 as substituted. All members voted in favor. Ordinance 30-2021 <br /> recommended for adoption. <br /> At 5:47 p.m. Housing, Planning & Development Committee stood adjourned. <br /> 2 <br />