City Council Minutes 2008 09 16 - Laserfiche WebLink

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City Council Meeting Minutes September 16, 2008 Page 5 of 9 City Manager Fleming explained thE; City Staff has made revisions to the fiscal component of the Service Plan for the railway underpass and the gateway feature. He reviewed the pros and cons of the Takoda Metro District. The Metro District Service Plan provides fora 1:otal of $290,000 for regional improvements, including $250,000 for a railroad underpass and $40,000 for entry way signage. The estimated cost for the railroad underpass is approximately $500,000, not including railroad fees. The City would have to seek funds for the balance of the railroad underpass. Preliminary work on the Gateway signage estimates the cost to be approximately $125,000. Based on Staff analysis, Council comments and public comment, he recommended Council approval of Resolution No. 44, Series 2008, which approved the Takoda Metro District. He noted there are risks involved with the development should it be slow to develop and the residents may question why the property taxes exceed the rest of the City. He felt the benefits outweigh the risks. The regional improvements would influence the retail development and stimulate private investment into aging retail stores and the housing development would bring new customers to retail stores. APPLICANT PRESENTATION Rick Brew, RMSC, 726 Front Street, Louisville, CO reviewed the revisions to the Service Plan for the Takoda Metropolitan District. He noted the pricing of homes will be consistent with those built in the near vicinity, Markel Homes and McStain Homes. He addressed Councilor Bob Muckle's concern that the Takoda Metro District meetings should be open to irhe public and noted their meetings will be advertised and open to the public. He addressed Councilor Yarnell's concern relative to the funds returning to the developer after ten years. He stated the funds would be utilized within development and will focus on the amenities, the infrastructure, and parks to benefit the City. Mayor Sisk requested an email submitted by John Leary be made part of the record. The email attachment was entitled: Special Districts: A Brief Review for Prospective Homeowners, which was prepared by the Colorado Department of Local Affairs. PUBLIC COMMENT John Leary, 1116 LaFarge Avenue, Louisville, CO addressed Metropolitan Districts and explained it adds another level of government. He stated there will be impacts to the City and if this development fails it would create problems for the residents. He stated there is no iinformation on what the risks are on the variables. He stated the best benefit is the quality of the development and asked if the benefits outweighed the risks. He urged Council to deny the request.