City Council Minutes 1988 10 18 - Laserfiche WebLink

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builders to provide letters of credit. Stahl stated that he feel:a staff can negotiate an agreement with this developer to provide the adequate guarantees necessary to ensure a completed project. Ferrera felt it wou]Ld be better to have a letter of credit for the entire project and as each phase is completed that portion of the letter of credit could be released. The developer stated that this would be impossible for them to provide as it would be impossible for any developer to prc>vide. Ferrera explaine letter of credit amenities only. that is a burden improvements are the PUD. d that he was referring to a foz• landscaping and other They developer stated that even on the developer when these specifically required as part of Stahl stated that staff could work out an agreement that would. include specific language regarding the timing of each improvement, i.e., planting to occur as weather permits. Scarpella asked what figures the school district provided with regard. to the projection of the increase in number of childen in Louisville's schools. The developer stated this project would generate an additional 20 students to the City's schools. Ferrera and Carnival continued to express concerns with guaranteeing a completed project. Mayor Fauson asked if there was anyone in the audience who would like to speak to Resolution #47. Rex Hickman, 364 Lilac Cir., asked about the financing of this project. Mr. Hickman stated that it is his understanding that this project is predicated on tax credits to the developer based on renting the units to low to middle income individuals and that the developer at anytime could sell the project to anyone else and they would then receive the tax credit. Mr. Hickman worries that this developer could receive his appreciation from the project early on and decide to move on and not be around to ensure to quality of the project. Mr. Hickman would also like to see certain guarantees built into the project. 9