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schools, etc. will. continue. Therefore, Louisville <br />should have the benefits of generating tax dollars <br />for its community by having this project locate in <br />Louisville. <br />Percy Conarroe, editor of the Louisville Times, <br />stated that he is concerned that all the final <br />documents are not completely ready for this <br />evening's meeting. Mr. Conarroe stated that <br />pertinent information is still not available, i.e., <br />cost of project, amount of bonds to be issued., the <br />interest rate on these bonds and the bond's <br />securities. Mr. Conarroe urged that Council "be <br />extra careful" prior to making final decision. Mr. <br />Conarroe is neither opposed to the golf course nor <br />the annexation. Mr. Conarroe asks that all final <br />documents be available to the public for review <br />before Council takes action. <br />Mayor Fauson stated that this is second reading of <br />this Ordinance, although Council does not <br />necessarily have to reach a decision tonight. <br />In response to Mr. Conarroe's remarks, Hundley <br />stated that there .are documents that are being "fine <br />tuned" and were not yet available tonight. Hundley <br />outlined the specifics of the Annexation Agreement. <br />He explained that the proposed Annexation Agreement <br />between the City a:nd Coal Creek Associates lays out <br />the obligations and responsibilities of both <br />parties, the City .and the Annexor. It reflects <br />Council's direction to staff that there must be some <br />compelling benefit to the City in order to consider <br />this residential annexation. That compelling <br />benefit is the gol:E course which utilizes 104 acres <br />of net new parks/open space land dedicated to the <br />City with credit enhancements sufficient to minimize <br />the financial exposure to City residents in general. <br />Hundley continued :stating that as with any <br />annexation, the proposed Annexation Agreement <br />obligates the anne:KOr to complete certain <br />improvements as part of their development: water <br />lines, sewer lines,, roads, curbs, gutters, <br />sidewalks, hiker/baker trails, storm water <br />detention, etc. <br />It also specifies 1=he number of residential units <br />permitted (450) and the maximum number of units <br />permitted per year in order to help reduce the <br />project's impacts on the City (90 units in years 1 <br />and 2 with carry-over; 75 units each year thereafter <br />without carry-over;l. <br />6 <br />