06/17/2002 Meeting Minutes - Laserfiche WebLink

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Regular Council Meeting 6-17-02 Page 14 Mr. Bell stated I have to say: I have not seen the draft of the Development Agreement. We are covering things that we've talked about but I haven't read any of this-so I am at a disadvantage. We are covering things that we have already agreed to all along. Mayor Rinker said the point that I am trying to reiterate is that we have discussed those and I am not trying to make any more of them than that. Council has seen a draft that we ourselves have prepared internally so we can bring focus to this. But, I think that for this record and verbally, if there are any issues on them, at least we understand that these are principles that we have discussed and that you are committed to-subject to the fact that both sides are going to enter into a further discussion to cement this understanding in good faith. Mr. Bell replied: All of this is consistent with all our discussions. Mayor Rinker said all right. I think they are important to point out because they are not insignificant. Ultimately, we have also discussed; and this is probably more abstract but I think in terms of overall understanding of (I think) the aesthetic and the functionality of this site, where I think it is mutually beneficial. We've talked abut storm water, overall green space usage, trailways; that you will work with the Village in developing those items that will definitely inure the benefit of not only people on this property but for properties that are downstream-to any waters that flow across this property-that they are tributary to those downstream properties-that we look to enhance stormwater controls that hopefully will be both an aesthetic, an appealing aesthetic function as well as a very useful stormwater control. And you've indicated as well in previous discussions , that you are committed to that. Mr. Bell said yes, sir. Mayor Rinker said finally, this is something that I'd ask our Finance Director-with these kinds of understandings in place-and I think iYs important that our public understand-that in substance we are looking at based on our calculations-and I'm going to ask that this be included as part of the record-it's a memorandum from Mr. Brett that is dated June 12, 2002; it's comprised of a total of 6 pages-and in this Mr. Brett has prepared a chart in which he outlines in substance what we think certain assumptions that are valid-they may not be finally accurate but I think they are appropriate for everyone to understand where we are coming from. We are looking at this particular project alone-that Council is considering tonight this 4-story structure with the roadway, with the other improvements-all of which are going to be expenses incurred by the property owner-the developer--Goldberg Companies-in excess of $11 million dollars. The cost to the Village for this development is 0. With the understanding we have Tax Incremental Financing and the other revenues that we hope, in time, will be generated by this higher end use, we anticipate at full construction and at full use of this particular site alone just this building-we are looking at an annual revenue to the Village approaching a quarter of a million dollars annually. These are dollars that we have shown already in a siinilar site with Progressive that we had taken those dollars-we had taken them back into various land use projects and the land controls and the things that we feel in a very concrete way improve the quality of life in the Village. We don't do these things unless we work in some cooperative way with property owners-that includes residences and businesses alike where we find that our goals and their goals do not have to be mutually exclusive. Does it mean we have to be attentive? Yes, it does. But I think we are being creative; we are being responsible. For 14