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project with all amesnities. Ferrera was concerned <br />that one or two unit:s could be built, CO's <br />received, and the developer stops the remainder of <br />the project for whatever reason. Franklin <br />explained that there' is a process for issuing CO's <br />wherein the inspecte~r could refuse the final CO on <br />a building until certain amenities are installed. <br />Ferrera felt that tYie developer could still walk <br />away from the project at any time after a minimum <br />amount of amenities are provided and the City <br />could be left with a project that is only <br />partially complete. <br />Franklin stated that: an agreement could be written <br />to state that all amenities would need to be in <br />place prior to the issuance of a CO for the first <br />building. Also, cex-tain amenities could be tied <br />to the issuance of a CO for each building. <br />Stahl explained that: there are two different types <br />of improvements. TY~ie next Council agenda item <br />deals with the public improvements that are the <br />obligation of Homart: prior to the issuance of any <br />CO on the project. The other improvements are on- <br />site and the obligation of Cornerstone. <br />The developer explained that a problem that would <br />exist in tying certain improvements with each <br />unit would be those things that are impossible to <br />accomplish such as planting trees and shrubs in <br />the winter. Economically, it would not make sense <br />to wait until the last building is built to begin <br />leasing those buildings ready for occupancy. It <br />is the intention of the developer to have the <br />entire project completed within one year. <br />The developer explained that he understands <br />Council's concerns regarding the project. <br />However, the thing ghat triggers this project's <br />success is the financing vehicle. The developer <br />would not be able to close on a permanent loan <br />until there were CO's. The developer is mandated <br />by their financial backer to begin and finish this <br />project as they haves outlined for Council. This <br />is their intent and commitment to Council for a <br />complete and quality project. The developer would <br />work with staff in developing a system by which <br />CO's could be issued. as each building is completed <br />and having certain improvements on-line. <br />Various ways to ensure the completion of the <br />project were discussed including a bond or letter <br />of credit. Stahl explained that the City has not <br />required either commercial or residential private <br />8 <br />