City Council Minutes 2014 07 01 - Laserfiche WebLink

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City Council Meeting Minutes July 1,2014 Page 21 of 31 there are extra ordinary situations, which requires assistance to fill the gap. He stated there is no automatic TIF to build infrastructure unless extra ordinary situations occur. Karl Becker, 899 Welsh Court, Louisville, CO requested Economic Development Director DeJong provide the steps before the bonds are approved and where the LRC is within that timeframe. Economic Development Director DeJong explained the Agreement lays out the project eligible for reimbursement. The next step is the bond issuance, which the financial reasonableness test will be prepared by George K. Baum & Company and further reviewed by Jim Manire, the City's financial advisor. The tax exempt status of the bonds requires a reasonable test that the principal can be repaid within the timeframe and the revenues are committed to the projects. That will be accomplished within the next few months in order to get to the bond issuance. MOTION: Council member Stolzmann moved to continue Resolution No. 34, Series 2014, to July 15, 2014, in order to review the data to ensure the repayment is reasonable on the bond cap increase. Council member Moss seconded the motion. The motion failed by a vote of 4 -2. Mayor Muckle, Mayor Pro Tem Dalton, Council members Keany and Lipton voted no. Absent: Council member Loo. Council member Stolzmann requested the detention be removed as an eligible project. She felt it had nothing to do with the feasibility of the project with or without the regional detention. She did not feel it should be publically funded. Council member Lipton stated the roadways, sidewalks and a lot of areas will be dedicated to the City, which will need good detention to improve the water quality. He felt it could be achieved by regional detention instead of small detention pockets. He stated there is a public benefit of doing regional detention. He noted it is not only about the runoff of the individual properties, it is also the runoff from the streets and sidewalks that collect pollutants. Council member Stolzmann disagreed and noted the developer must show they can take care of all the pollutants. Council member Lipton stated the developer does not have to show that because there is agreement to entertain regional detention. He felt the issue was whether it should be financed through TIF or solely through the equity of the property owners. He felt it was not an issue of whether regional detention can be done, because it has been concluded it can be done. Council member Stolzmann stated the developer must be held accountable for all the pollutants according to the Environmental Standards approved in the Water Quality Manual. She did not believe it should be funded publically. Council member Lipton wanted clarity on the issue, not on whether there should be regional detention, but whether this should be financed by TIF or developer funds.