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Junge agreed. <br /> <br />Sisk wondered who Eastcor Company was and if they owned the <br />property. <br /> <br />Tim Hadjis, Eastcor Company, stated that it is a development <br />company with the owners of the property being McCaslin Limited <br />Liability Company, a different company. Hadjis is part of that <br />company. <br /> <br />Sisk wondered what the cash payment in-lieu-of dedication amount <br />would be. <br /> <br />Hadjis had not calculated the amount. He stated t.hat the <br />Annexation Agreement states that the cash-in-lieu of will be per <br />the property value based prior to annexation, 1985. Hadjis stated <br />that the 1985 value was about $50,000. <br /> <br />Sisk stated that in his reading of the Agreement it says the fee <br />(approximately $6,000) would be paid at the time and it hasn't been <br />paid. Sisk preferred to have the land. <br /> <br />Bob Young, 7871 Left Hand Canyon Drive, Jamestown, Colorado, stated <br />that since the payment is to be at the time of subdivision, the <br />payment would be made now, based on the formula determined in the <br />annexation agreement. <br /> <br />Sisk questioned as to whether the Agreement was valid in terms of <br />what the annexor was supposed to do. He wanted the two projects in <br />force, Children's World and Lafayette State Bank, to get going. He <br />did not feel the developer is being fair to the City (take $6,000 <br />for your open space and take a hike). <br /> <br />Young stated that in addition to the cash-in-lieu, the developer is <br />providing a left-turn lane, all of the recovery for water and <br />sewer, all of the recovery, including half of the median, for the <br />improvements in McCaslin Boulevard, constructing 100% of the full <br />width of Century Drive, providing about twice the open space <br />streetscaping required, a private street across their property for <br />the convenience of the neighbor, and a easement to that extent. He <br />stated that the developer is asking that the City honor the 1985 <br />Agreement and the City make a reasonable effort for cost recovery <br />for the developer in the event that the adjacent properties, that <br />are benefiting from these improvements, do develop. <br /> <br />Sisk asked if their position was that the 1985 Agreement is in full <br />force and effect? <br /> <br />Young was aware of nothing that would have amended the 1985 <br />Agreement. <br /> <br />8 <br /> <br /> <br />